Do you teach math, science or special education? Have you taught for five years in a Title I school? If you answered yes to both of these questions, the U.S. Department of Education would like you to know that you may be eligible for new loan forgiveness limits recently signed into law by President George W. Bush.
The Taxpayer-Teacher Protection Act (P.L. 108-409) authorizes up to $17,500 in loan forgiveness to eligible highly qualified math, science and special education teachers. This dramatic increase of $12,500 above the previous loan limits is meant to ease the shortage of teachers in key subject areas. The increased amount of teacher loan forgiveness is available to new borrowers (teachers with no outstanding loan balances prior to Oct. 1, 1998, who borrow eligible loans prior to Oct. 1, 2005). The additional loan forgiveness will provide substantial relief for existing teachers and an incentive for prospective teachers to teach in subjects and schools that have difficulty hiring highly qualified candidates.
For detailed information on the program and to find out if you qualify for the loan forgiveness, please call the Department's Federal Student Aid Customer Service hotline at 1-800-433-7327. More information on the loan forgiveness limits is posted on the Web at: http://www.ifap.ed.gov/dpcletters/GEN0414.html.
More information on the Department's Teacher-to-Teacher Initiative is posted on the Web at: http://www.ed.gov/teachers/how/tools/initiative/index.html.
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