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Federal
Perkins Loans can be cancelled up to 100%, for a maximum
of $30,000 if:
- You have a Perkins/NDSL loan made on or after July 1, 1987 and
are a full-time teacher in a designated elementary or secondary
school that serves low-income students (this includes nearly 80%
of DC Public Schools)
- You have a Perkins/NDSL loan made on or after July 23, 1992
and are a full-time teacher of math, science, foreign language,
bilingual education, or in another field designated as a teacher
shortage area; or
- You have a Perkins/NDSL loan made on or after July 1, 1987 and
are teaching disabled students in a public elementary or secondary
school
* All three categories of teacher cancellation
have been extended to borrowers with Perkins loans prior to July
23, 1992 for teaching service performed after October 7, 1998. Full
details and cancellation schedule can be found at
http://www.ed.gov/offices/OSFAP/Students/repayment/teachers/index.html
Stafford Loans, Direct Subsidized,
and Unsubsidized Loans made to new borrowers after 10/7/1998
and to the portions of a Consolidation Loan derived from these loans
can be canceled up to $5,000 if:
- You are teaching in a low-income school and you are a "new
borrower" after October 1, 1998. (A new borrower is one who
received his/her first Stafford Loan on or after October 7, 1998,
or had no remaining balance on Stafford Loans made prior to 10/7/1998
on the date the new loan was made.); and
- You work as a full-time teacher for 5 consecutive years in an
elementary or secondary school that has been designated as a "low-income"
school (approximately 80% of all District public schools).
* Low-income elementary and secondary
schools are designated by the Department of Education each year,
and a list of these schools, by year, is posted on their Web site.
See this list and other stipulations at
http://www.ed.gov/offices/OSFAP/Students/repayment/teachers/index.html
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