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The Teacher Recruitment and Retention
Act of 2003 expands loan forgiveness available in the
Higher Education Act (HEA) to address critical shortage areas
in math, science and special education. The bill increases the
total loan forgiveness up to a maximum of $17,500 for those teaching
these high-need subjects. The legislation requires
teachers to be “highly qualified,” via the
No Child Left Behind Act, in order to be eligible.
The financial incentive is strengthened
for high quality teachers to teach, and remain, in high-need
classrooms by making the loan forgiveness available after the
second complete year of teaching – ensuring
that teachers have access to this financial incentive
in the early years of teaching when they are often most likely
to face financial barriers. Teachers who receive this loan forgiveness
and do not meet the five-year obligation would have to repay
the funds paid on their behalf.
Federal Stafford and Federal Direct Loans
- Teachers who started their qualified
teaching service before October 30, 2004 may receive
up to $5,000 in loan forgiveness as a full-time elementary
school teacher who demonstrates knowledge and teaching skills
in reading, writing, mathematics, and other areas of the elementary
school curriculum in a Title 1 School (having students on free
or reduced cost lunch) or for service as a full-time secondary
school teacher teaching in a subject area that is relevant to
their academic major.
- Teachers who started their qualified
teaching service on or after October 30, 2004 may receive
up to $5,000 in loan forgiveness as a highly qualified,
full-time elementary or secondary school teacher in a Title 1
School.
- Teachers who started their qualified
teaching service on or after October 30, 2004 may
receive up to $17,500 in loan forgiveness for service as a highly
qualified, full-time mathematics or science teacher
in an eligible Title 1 secondary school or for service as a
highly qualified special education teacher.
- Certain teachers who previously
received teacher loan forgiveness under the previous
provisions of the law may receive loan forgiveness
up to the difference between $17,500 and the amount that
had previously been forgiven only if the borrower is otherwise
eligible and has five consecutive years of qualified teaching
service that met the definition of a highly qualified full-time
mathematics or science teacher in a Title 1 secondary school
or a highly qualified full-time special education teacher.
Federal Perkins Loans
- Teachers who are teaching full-time
in a designated elementary or secondary school serving
students from low-income families may have up to 100%
of their loan forgiven.
- Special Education teachers who
are teaching full-time, which includes teaching children
with disabilities in a public or other nonprofit elementary
or secondary school may receive up to $17,500 in loan
forgiveness.
- Full-time teachers who are teaching
math, science, foreign languages, bilingual education,
or other fields designated as teacher shortage areas
may receive up to $17,500 in loan forgiveness.
Additional Resources
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