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Subject: Student Loan Forgiveness/Possible Funding Source for Teacher Shortages

Source: Barb Gilpin, Interim Assistant Director, Effective Practices

Intended Audience: Directors of Special Education and Teachers who are Perkins and Stafford Loan Recipients

Date: May 22, 2008

Teachers who have Perkins loans and teach either in a teacher shortage area or in a school that serves low-income families, may be eligible to have those loans forgiven.  This could help get staff interested in pursuit of graduate education in the area of speech.  If interested, they should contact the lender and request the paperwork necessary to begin the process. 

If your original Stafford loan was initiated after October 7, 1998, and you teach in a school that serves low-income families, after five years you may be eligible for forgiveness not to exceed $5,000.  

If you have Stafford loans that were initiated before October 7, 1998, there is no forgiveness, but you can get the interest rate lowered because you teach in Missouri, IF your loans are serviced by MOHELA.

Having your payment automatically withdrawn from your account also will lower your interest rate. 

The Perkins and Stafford loan forgiveness programs are federal programs.

Contact the federal financial aid hotline at 800-433-3243 for more information or visit this website:

http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp.

The interest reduction is a MOHELA program; call 800-666-4352 to request an application.  

MISSOURI TEACHER SHORTAGE AREAS REQUESTED BY THE DEPARTMENT OF ELEMENTARY AND SECONDARY EDUCATION APPROVED BY U.S. DEPT. OF EDUCATION FOR 2006-2007

Counselor (Elementary)                   

ESOL School Psychologist                         

Family and Consumer Science              

Biology                                      

Chemistry                              

Earth Science                                

Journalism                                   

Mathematics                                  

Special Reading                            

Speech/Language Specialist

School Psychological Examiner

Foreign Languages (French, German, Spanish)  

Gifted

Industrial Technology      

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Special Education (All Areas)    

Music (Vocal)   

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Missouri Department of Elementary and Secondary Education
Division of Special Education
P.O. Box 480
Jefferson City, MO 65102
Email:  webreplyspe@dese.mo.gov
Phone: 573-751-5739   Fax:  573-526-4404

 

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