Loan forgiveness program for teachers. Teachers who are willing to make a five-year commitment to a school in need can get some much-needed help with their student loans. The richest rewards are reserved for science, math, and special education teachers.
Science and math teachers who work in low-income high schools may be able to cancel as much as $17,500 of their federal Stafford loans. This money gets eliminated from a teacher's loan balance after he or she completes five years of teaching at a designated low-income school.
Special education teachers who work in designated low-income schools for five years may be eligible for as much as $17,500 in loan forgiveness for their federal Stafford loans.
Other full-time teachers working in a designated low-income elementary or high school for five years may be able to cancel as much as $5,000 of their federal Stafford loans.
For more information on teacher loan forgiveness programs, visit the U.S. Department of Education's web site: http://studentaid.ed.gov/
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