Iowa Student Loan Teacher Education Loan Forgiveness Program

Program Status

Applications are not currently being accepted for the Iowa Student Loan Teacher Education Loan Forgiveness Program. An update on the program status for 2010 – 2011 will be available by late summer 2010. Please check back here.

If you have already received approval for a loan forgiveness application, the following information will help you understand and receive your benefits.

Program Summary

The Iowa Student Loan Teacher Education Loan Forgiveness Program was designed to supplement existing loan forgiveness programs offered to teachers by state and federal agencies. It provides recruitment and retention incentives in the form of student loan forgiveness to teachers employed in state-designated subject shortage areas.

How the Program Works

The loan forgiveness program does not eliminate the requirement to make payments on your student loans as you work as a teacher but rather supplements your payments to accelerate the elimination of your student loan debt. Each year that you teach and make your monthly loan payments, you will qualify for loan forgiveness, with maximum awards earned over a five-year period.

How to Receive Benefits

You should fill out and submit the program forms. Once Iowa Student Loan receives your forms, they will be processed in one to two weeks.

Special Considerations

Approved applicants may have options or additional obligations.

• Shortage area changes — Approved shortage areas will remain valid for approved applicants even if those areas are removed from the shortage areas designated annually by the Iowa Department of Education. Award adjustments are less likely for applicants approved during the 2007 – 2008 and subsequent award years. If you have questions, please call (800) 243-7552, ext. 7656, or (515) 273-7656.
• Qualifying service — Loan forgiveness benefits cannot be offered for teaching service prior to the award year in which an applicant is approved.
• Taxes — Approved applicants who receive loan forgiveness benefits from Iowa Student Loan will be issued an IRS form 1099-C. Applicants should consult a tax professional to understand any tax implications associated with the loan forgiveness amounts that are received.

Contact Us

If you need assistance or have additional questions, send an e-mail to mbrown@studentloan.org or call (800) 243-7552, ext. 7656 or (515) 273-7656.