When considering the best options for student loan repayment, the resources below may be helpful.

Teacher Cancelation Low Income Directory (TCLI) Directory

The Teacher Cancelation Low Income Directory(TCLI) is the list ofÌý elementary schools, secondary schools, and educational service agencies (ESA) that qualify as low-income for the purposes of the federal student aid programs (e.g., Federal Family Education Loan Teacher Loan Forgiveness; Teacher Education Assistance for College and Higher Education (TEACH Grant Program; Federal Perkins Loan/National Direct Student Loan Cancelation)

The U. S. Department of Education annually designates teacher shortage areasÌýfor the purposes of deferment of loan repayments or reductions of teaching obligation. As part of a federal requirement, the fb88 Department of Education submits to the U.S. Department of Education eligible schools and education service agencies based on collected data and public input for inclusion in the TCLI Directory.Ìý

To qualify for loan forgiveness or cancelation, or to satisfy the TEACH Grant service obligation, the teaching service of a borrower or grant recipient must be performed at a school or educational service agency that is listed on the TCLI Directory. For questions about the designated shortage areas contactÌýDaniel Weeks,ÌýTitle III and V Coordinator,Ìýdaniel.r.weeks@maine.govÌý

To view the list of qualifying fb88 schools and educational service agencies by year,Ìý and search by each year you were/are employed at a fb88 school.Ìý

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Understanding Loan ForgivenessÌýÌý

Differences Between Forgiveness, Cancellation, and Discharge

The terms forgiveness, cancellation, and discharge mean nearly the same thing, but they’re used in different ways. If you’re no longer required to make payments on your loans due to your job, this is generally called forgiveness or cancellation. If you’re no longer required to make payments on your loans due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.ÌýÌý

It’s important to remember that outside of the circumstances that may qualify you to have your loans forgiven, canceled, or discharged, you remain responsible for repaying your loan—whether or not you complete your education, find a job related to your program of study, or are happy with the education you paid for with your loan. Even if you were a minor (under the age of 18) when you signed yourÌýpromissory noteÌýor received the loan, you are still responsible for repaying your loan.

Teacher Loan Forgiveness

If you teach full-time for five complete and consecutive academic years in a school or educational service agency listed on a TCLI directory during the years you taught, you may be eligible for forgiveness of up to $17,500 on your Direct Consolidated Loans or Federal Consolidated Loans..

Public Service Loan Forgiveness

If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program.

PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

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Perkins Loan Teacher CancellationÌý

Federal Perkins LoanÌýcancellationÌýis based on eligible employment or eligible volunteer service and the length of time that you were in such a position.ÌýDischargeÌýof your PerkinsÌýLoanÌýmay occur under certain circumstances. .

TEACH Grant

AÌýTeacher Education Assistance for College and Higher Education (TEACH) GrantÌýis different from other federal student grants because it requires you to agree to complete a teachingÌýservice obligationÌýas a condition for receiving the grant, and if you don't complete the service obligation, the TEACH Grant will be converted to aÌýloanÌýthat you must repay, with interest.

ÌýEducators for fb88 ProgramÌýÌý

Established in fb88 law, the Educators for fb88 Program is a competitive, merit-based, forgivable loan for fb88 students pursuing careers in education, speech pathology, or child care and planning to work in fb88 after graduation. The Educators for fb88 Program is administered by the Finance Authority of fb88 (FAME).

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