Student Loan Forgiveness Programs - There are several student loan forgiveness programs available. These programs will reduce or eliminate your student loan debt in exchange for years of service. To see if you might qualify for any of the following programs, please review the information and the links below.
If you have questions please email or call.
If you teach full-time in a low-income school or certain teacher-shortage subject areas, you may be eligible to have a portion of your Stafford or Perkins loans forgiven for each year of service. To learn more, visit http://studentaid.ed.gov.
Vail district schools that qualify as low income for student loan forgiveness: Acacia 11/12 and 12/13. All other schools listed qualify only for the 12/13 school year – Andrada, Corona Foothills, Cottonwood, Desert Sky, Desert Willow, Old Vail, Rincon Vista, and Sycamore
If you are a teacher and also a new borrower (i.e., you did not have an outstanding balance on a Direct Loan or FFEL Program loan on Oct. 1, 1998, or on the date you obtained a Direct Loan or FFEL Program loan after Oct. 1, 1998) and have been teaching full-time in a low-income elementary or secondary school or educational service agency for five consecutive years, you may be able to have as much as $17,500 of your subsidized or unsubsidized loans forgiven. Your PLUS loans cannot be included. For more information, go to Teacher Loan Forgiveness. If you have a Federal Perkins Loan, see Perkins Loan Cancellation for teacher cancellation in that loan program.
Public Service Loan Forgiveness:
If you are employed in certain public service jobs (i.e., a Vail district employee) and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments. You must not be in default on the loans that are forgiven. For more information, click here or go to Public Service Loan Forgiveness.