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					                                    QUICK REFERENCE CHART OF TEACHER LOAN BENEFITS
To Help Teachers Determine if Their Student Loans Qualify for Forgiveness/Deferment/Cancellation Benefits. See 7-page Fact Sheet for Detailed Information.
               * Important new note: see New State Loan Repayment Assistance Program under Notes from Texas on p.7 of Fact sheet
Type of      Date of FIRST             Benefit           How is the Benefit            When Is Benefit            What Should              Where Do You
 Loan            Loan                                       Earned ?                     Received?                 You Do?                 Get the Forms
* see note    Determines                                                                                                                     to Apply?
     ↨    Borrower Eligibility
Stafford ONLY on or after         Forgiveness            Teach for 5 consecutive         At end of fifth        • Make regular loan       From loan holder or
        Oct. 1, 1998.           benefit of up to       years in a low-income       consecutive year of          payments. Submit        TEA website:
*Note:                            $5,000 (new            school, & teach in an       teaching in a designated     forgive-forbearance     http://www.tea.state.tx.
                           st                                                                                                             us/eddev/loanforgive/
 See new On the date of 1         benefit $17,500 for    area relevant to his/her    low-income school.           form when balance
  benefit loan, borrower          second. math, sci.     academic major (see                                      due nears benefit
                                                                                                                                          Send completed
    →     must have had no        & second. & elem.      fact sheet). If eligible    (At least one year of      amount of $5,000.**
          outstanding             spec. ed. teachers)    for $17,500 (see left) or   teaching service must be   (No refunds possible.)    forms to loan holder.
only for                                                                                                                      th
math, sci balance on              per teacher on total   teaching service began      after the 1997-1998        • At end of 5 consec.
& spec.   Stafford or Direct      loan balances, incl.   after 10-30-04, must        school year.)                 year, submit applic.
ed.       loans taken out         consolidations in a    meet definition of highly                              form to loan holder for
teachers prior to 10-01-98.       Fed. Consol. Loan.     qualified teacher below.                               up to $5,000** benefit.
Stafford Between July 1,          NO forgiveness or
        1993 & Sept. 30,         deferment benefits
          1998. No benefit        available-Congress
          for any -- even for     did not legislate a
          additional loans        benefit during this
          after 10-01-98.         time period.
Stafford ONLY Between             ONLY a Payment           Must be teaching in a     Whenever you apply.         Use “Education          From loan holder or
 (old)  July 1, 1987 &           Deferment benefit         designated subject-      (Loan holder determines     Related Deferment       TEA website:
          June 30, 1993.          - up to 3 years –        matter shortage area      eligibility). Warning: This Request - EDU” form     http://www.tea.state.tx.
          Additional later        No forgiveness!          during the years you      benefit is lost if/when     to apply.               us/eddev/loanforgive/
          loans elig. too.                                apply. (See list below.)   loans are consolidated.                              Send to loan holder.
Perkins        On or After         Cancellation          After teaching five         Partial Forgiveness at:     • At beginning of each From the college or
            July 23, 1992         benefit of up to      years in a designated       End of yr 1 & 2 = 15% ea      school year, notify   university where the
                                100% of the loan       low-income school OR        End of yr 3 & 4 = 20% ea      college where loan    Perkins loan was
                                                         in a designated subject-    End of yr 5         = 30%     was obtained; tell    taken out.
                                                         matter shortage area.                  (Total of 100%)     them where & what
                                                                                     Warning: Never                you are teaching.            (Send the
                    Prior to                              Same as above, but         consolidate a Perkins       • At end of each          application to your
                  7-23-92         Cancellation           subj. -matter shortage     Loan into a Fed Consolid.     school year, fill out        college or
                                   benefit of up to       area service counted       loan or cancellation          the application to           university.)
                                   100% of the loan only after Oct. 7, 1998.        benefits will be lost.        apply for benefit.
Dates of Borrower Eligibility for Loan Benefits: were determined by date on which Congress passed the applicable legislation to establish the benefit.
Designated Low-Income Schools are: Schools with greater than 30% low-income student enrollment in a DISTRICT eligible for Title I funds.
Texas Subject-Matter Shortage Areas are: Special Ed, Math, Science, Foreign Language, Bilingual, ESL, and (computer) Technology Applications.
** $17,500 or less only for secondary math & science teachers and secondary and elementary special ed teachers whose 1 loan was obtained after 10-01-98.
For definition of highly qualified go to
                                                                                                                                   [Texas Education Agency Mar. 2006]