| Iowa
Teacher Shortage Loan Forgiveness Program |
| • |
Complete
and file annual applications by the deadline established
by
the Commission. If funds remain available after the
application
deadline, the Commission will continue to accept applications. |
| • |
Must
be teaching in approved shortage areas at Iowa kindergarten
through
12th grade schools recognized and approved by the Iowa
Department
of Education. |
| • |
Annually
complete and return to the Commission affidavits of
practice
verifying that they are teaching in eligible teacher
shortage areas. |
| • |
Begin
their first teaching jobs in Iowa on or after July 1,
2007. |
|
The maximum annual award is
20% of the teacher’s total federal Stafford loan
balance, including principal and interest, not to exceed the
average resident
tuition rate established for students attending universities
governed by the Iowa
Board of Regents for the first year following the recipient’s
graduation. For 2007
graduates, the maximum award is $6,269. |
| • |
Applicants
may receive forgiveness for no more than five consecutive
years. If the applicants fail to complete five consecutive
years of teaching in the
designated shortage areas in Iowa, they will not be
considered for subsequent years. |
| • |
Loan
payments will be disbursed to the recipient’s
loan holder and applied directly to eligible loans upon
completion of the 12-month period for which forgiveness
is approved. Certification by the recipient’s
employer that he or she was employed
during the 12-month period and completed the year in
good standing. |
| |
|
| Iowa
Student Loan Nursing Education Loan Forgiveness Program |
| • |
Applies
only to Federal Family Education Stafford Loans or a
Partnership Loans that are owned by Iowa Student Loan |
| • |
Pass
the required National Council Licensing Examination
for registered nurses |
| • |
Employed
full-time as a registered nurse in Iowa within 12 months
of graduation |
|
| Percent
of loan repaid per year of employment: |
| Year |
|
% |
| 1 |
|
15% |
| 2 |
|
25% |
| 3 |
|
30% |
| 4 |
|
30% |
| Total |
|
100% |
|
| Maximum
Forgiveness over 4 years: |
| Nursing
Educator |
$20,000 |
| RN
Long-Term Care Facilities |
$15,000 |
| RN
Rural Counties |
$10,000 |
| RN
Urban Counties |
$5,000 |
|
