Since you are an Education major, you may be eligible for two forgivable loan programs.  The Iowa College Student Aid Commission has the Iowa Teacher Shortage Forgivable Loan Program. Iowa Student Loan has the Teacher Education Loan Forgiveness Program.  There is just one application to apply for both.  If you do not receive the Iowa College Student Aid Commission�s forgivable loan, you are still eligible for Iowa Student Loan�s forgivable loan.
 
To be eligible, you must:
  • be an Iowa resident
  • be at the sophomore, junior or senior level by next fall
  • be in an education program leading to a degree and certification for teaching in a shortage area
  • stay in Iowa to teach in a subject shortage area as designated by the Iowa Department of Education
  • Be an eligible first-time applicant for the state of Iowa Teacher Shortage Forgivable Loan Program


The Iowa Teacher Shortage Forgivable Loan Program through the Iowa College Student Aid Commission may forgive loans up to $3,000 per academic year ($1,500 per semester) and up to $9,000 total.  If you are funded in this program, 20% of your loan will be forgiven for every year that you teach in Iowa in the designated shortage area you applied under.  After five years, the entire 100% of the loan is forgiven.

The Iowa Student Loan Teacher Education Loan Forgiveness Program will forgive up to $9,000 on one of your student loans over a five-year period.

Shortage Areas for Grades 7-12:                              Shortage Areas for Grades K-12:
Agriculture                                                                    English as second language
Family & Consumer Sciences                                       Music
Foreign Languages                                                        Special Education
Industrial Technology                                                    Talented and Gifted
Mathematics
Science
 
The application deadline is May 1, 2007.  Click on the link below to complete the renewal application.  Be sure and check the box to release the information to Iowa Student Loan.
 
http://www.iowacollegeaid.gov/loans/teacher_shortage_NEW04.html

 

______________________
Sandy Condon
Loan Coordinator
Office of Financial Assistance
Simpson College
701 North C Street
Indianola, IA 50125
515-961-1612
1-800-362-2454 x1612
Fax 515-961-1300
e-mail:  sandy.condon@simpson.edu