Scholarship and Grant Information for Educators

Loan Forgiveness

At the federal level, there are financial loans and tax breaks available specifically for teachers. Under current law, any teacher in a qualified low-income school who is a new borrower as of October 1998 and teaches for five consecutive years is eligible for up to $5,000 in loan forgiveness for Stafford loans. Additionally, teachers of Special Education (Program for Exceptional Children), mathematics, science, foreign language, bilingual education and other fields where a state has found a shortage of teachers may qualify for Perkins loan cancellation.

Tax Relief

There are tax credits available for both traditional-age students and adult learners. The federal HOPE scholarship provides tax deduction credits for traditional students who are attending the first two years of college on at least a half-time basis. The Lifetime Learning Credit is aimed at older students and working adults. In 2003, the maximum lifelong learning credit increased to $2,000 per tax filer (or 20% of qualified higher-education expenses up to $10,000).

Links to SREB State and Related Resources

State Resource FL Florida Department of Education GA Georgia Student Finance Commission KY Kentucky Higher Education Assistance Authority LA Louisiana Student Financial Assistance Commission OK Oklahoma Higher Education Agency SC South Carolina Commission on Higher Education TN Tennessee Student Assistance Corporation TX College for Texans TX Texas HHLoans.com VA Virginia State Board for Educator Certification WV West Virginia Higher Education Policy Commission   U.S. Department of Education - Cancellation/Deferment Options for Teachers   U.S. Department of Education - Transition to Teaching