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Loan Forgiveness Opportunities

In some cases, you might be able to get your federal student loans cancelled. The charts below illustrate the conditions that would allow you to cancel part or all of your federal loans. While most of these opportunities could be used to forgive both undergraduate and graduate loans, you’ll notice that they are available only for the federal loan programs, not private programs. Check with your Financial Aid Office, as well as potential employers, about any additional loan forgiveness benefits that might be available. For more information about the process of canceling your loans, you should contact the agency that holds your Direct or Stafford Loans or the school that awarded you the Perkins loan.

 

Perkins Loan Cancellation Conditions

Amount Forgiven

Full-time teacher in a designated elementary or secondary school serving students from low income families

Up to 100%

Full-time special education teacher (includes teaching children with disabilities in a public or nonprofit elementary or secondary school)

Up to 100%

Full-time qualified professional provider or early  intervention services for the disabled

Up to 100%

Full-time teacher of math, science, foreign languages or other fields designated as teacher shortage areas

Up to 100%

Full-time employee of a public or nonprofit child/family services agency providing services to families from low-income communities

Up to 100%

Full-time nurse or medical technician

Up to 100%

Full-time law enforcement or corrections officer

Up to 100%

Full-time staff member in an education component of a Head Start program

Up to 100%

Americorps VISTA or Peace Corps volunteer

Up to 100%

Service in the US Armed Forces

Up to 50% in areas of hostilites or imminent danger

 

 

Stafford/Direct Loan Cancellation Conditions

Amount Forgiven

Full-time teacher in a designated elementary or secondary school serving students from low income familes (additional funds may be available for math, science and special education teachers

Up to $5000 of the aggregate loan amount that is outstanding after completion of the fifth year of teaching


For New Hampshire residents, the Workforce Incentive Program (WIP) repays a certain percentage of education loans after working for the required number of years in specific shortage areas (typically education and nursing). Since shortage areas and the repayment amounts change every year, you should contact the NH Postsecondary Education Commission for more current information at:          

WIP Repayment Program    

3 Barell Ct., Suite 300

Concord, NH 03301-8453

603.271.2555 x356

www.nh.gov/postsecondary/financial/