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An Independent Horace Mann Agency

Student Loan Forgiveness

Financial Success and Student Loan Forgiveness

Dealing with “The Walking Debt”

  • 14% of student loans default.*
  • The average undergraduate borrower from the class of 2013 took on $28,400 in student loan debt.*
  • Giant corporations can file for bankruptcy, but bankruptcy is not an option for student loan debt relief.**
  • Families have inherited student debt of deceased loved ones.**
  • Debt delays starting a family and making major purchases.**

There may be hope

Make a plan

  • You may qualify for student loan forgiveness to erase some or all of your student loan debt.
  • Begin to save for your future.
  • A knowledgeable expert can provide the information you need to develop a successful financial strategy.

Stafford/Ford loan forgiveness program for teachers


  • Must work at least five consecutive years of qualified full time teaching service in eligible school or educational service agency serving low income families;
  • Must be a “new borrower”;
  • Have an eligible Stafford/Ford Loan obtained through the Direct Loan or Federal Family Education Loan Programs (FFEL), Direct Loan or FFEL consolidation loan to repay an eligible Stafford Loan;
  • Cannot be in default unless satisfactory repayment arrangements have been made;
  • Have not received a benefit for the same teaching service through AmeriCorps or Public Service Loan Forgiveness Program.
  • Received the loan for which you are requesting forgiveness before the end of your fifth year of qualifying teaching.

Forgiveness amounts are based on full-time:

  • Highly qualified special education teacher for elementary school children with disabilities;
  • Highly qualified special education teacher for secondary school children with disabilities;
  • Highly qualified mathematics teacher for secondary school students;
  • Highly qualified science teacher for secondary school studies;
  • Secondary education teacher in a subject area relevant to academic major, or highly qualified secondary education teacher;
  • Elementary teacher with demonstrated knowledge and teaching skills in reading, writing, mathematics and other areas of the elementary school curriculum, or highly qualified elementary education teacher.

Forgiveness amounts vary:

  • up to $5,000 for some, and
  • up to $17,500 for others

Perkins Loan Cancellation and Discharge

  • Often referred to as a “Campus based loan”
    • The Perkins loan program expired 9/30/15 but does not impact the loan forgiveness at this time.
  • Unique requirements based on teaching field:
    • Full time teacher in public or nonprofit elementary or secondary school system:
      • Serving students from low income families
      • Special education for children with disabilities
      • Fields of mathematics, science, foreign language, bilingual education or any other field of expertise determined by the state education agency to have a shortage of qualified teachers in that state
      • School operated by the Bureau of Indian Affairs or operated on Indian reservations by Indian tribal groups under contract with the Bureau of Indian Affairs.
  • Up to 100% of loan cancelled over 5 years
    • 15% first two years
    • 20% third and fourth years
    • 30% after fifth year
  • Also offers concurrent deferment if performing qualifying service
  • Obtain application from the business office of the college/university that made the loan.

Public Service Loan Forgiveness Program (PSLF)


  • Full time service in public education or other qualifying public service organization
  • Annually submit the Employment Certification Form.
    • In some cases additional documentation may be requested:
      • IRS W2
      • Paystubs
  • Income level does not directly impact eligibility, it does however impact your required monthly payment amount.
  • Make 120 qualifying payments on loan (10 years), after Oct. 1, 2007

Forgiveness amounts

  • Loan balance
  • First forgiveness balances not granted until October 2017

Loan types eligible for forgiveness

  • Any non-defaulted loan under the Direct Loan Program
    • Stafford/Ford
    • Direct Plus
    • Direct Consolidated