Iowa Student Loan Teacher Education Loan Forgiveness Program
Loan Forgiveness Benefit Schedule
For recipients approved during the 2006-07 and 2007-08 award years
The chart below defines the maximum annual forgiveness amounts for each year of employment. Loan forgiveness will be based on the completion of one full academic year of employment (unbroken, except for military service) commencing at the point of employment.
There will be no partial-year forgiveness. Forgiveness amounts can be up to the maximum annual dollar amounts listed in the chart, but cannot exceed the outstanding principal balance (and accrued interest, if applicable) of qualifying loans.
| Teaching | Annual Loan Forgiveness Maximum Amount |
|---|
| Year 1 | $1,000 |
| Year 2 | $1,000 |
| Year 3 | $1,000 |
| Year 4 | $1,000 |
| Year 5 (Option 1) | $5,000 |
| Year 5 (Option 2) | $0 |
Qualification for Option 1 or Option 2 is dependent upon the teacher's eligibility for the Federal Teacher Loan Forgiveness Program.
- Teachers who do not qualify for the Federal Teacher Loan Forgiveness Program (Option 1) will receive up to $5,000 from Iowa Student Loan at the completion of the fifth qualifying year of teaching.
- Teachers who qualify for the Federal Teacher Loan Forgiveness Program (Option 2) will receive $0 from Iowa Student Loan at the completion of the fifth qualifying year of teaching.
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