In this page you will find information on the federal SMART grant program
you can apply for in your junior or senior year. We also listed several loan
forgiveness programs you’ll be eligible for once you’ll become a Science or
Math teacher. Please note, many school districts also offer monitory
benefits for science and math teachers.
Federal SMART Grant
Program
The Federal Budget Reconciliation Act recently enacted by Congress
establishes a new National Science and Mathematics Access to Retain Talent
(SMART) Grant program. The Act creates a new award in the amount of
$4,000 for Pell Grant recipients in their junior or senior years who
maintain a 3.0 GPA and who major in science, math, engineering, or a foreign
language critical to national security. While not directed at
teachers, the grants would be available to eligible Pell Grant recipients
who participate in the UC/CSU SMI program.
http://studentaid.ed.gov/PORTALSWebApp/students/english/NewPrograms.jsp
California APLE
(Assumption Program of Loans for Education) Program
Under the APLE program, college students who subsequently teach in a
California public K-12 school may qualify for up to $19,000 of student loan
forgiveness from the California Student Aid Commission. A limited
number of loan forgiveness warrants are apportioned by CSAC to higher
education institutions based on the number of teachers produced in the
previous year; the institutions then select which students receive a
warrant, based on criteria established by the institution. In 2002-03,
540 UC students received APLE warrants (by comparison, 3,020 warrants were
awarded to CSU students).
Students apply for an APLE
warrant in their junior or senior year of college. Students accepting
a warrant must agree to teach in a California public school for four
consecutive years after obtaining a teaching credential. CSAC will pay
$2,000 to the lending institution after the student completes one full year
of teaching, followed by payments of $3,000 after each of the next three
years of teaching service (for a total of $11,000). Students may
qualify for an additional $1,000 per year if they agree to teach in the
areas of science, math, or special education; these students may also
qualify for yet another $1,000 per year if they agree to teach in a low
performing school (one in the lowest 20 percentile as measured by the
Academic Performance Index).
For more Information go to
http://www.csac.ca.gov/doc.asp?id=111
Federal Loans
Cancellation/Deferment Options for Teachers
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying
If you're a teacher serving in a
low-income or subject-matter shortage area, it might be possible for you to
cancel or defer your student loans.
Canceling a Perkins
Loan
Students with Federal Perkins loans may, if they qualify, make use of the
Perkins Loan Teacher Cancellation program in addition to the APLE program.
Under Federal law, students with a Perkins Loan may have up to 100% of the
loan cancelled if they teach full time in a public or private non-profit
K-12 school. To qualify the student must either (a) teach in a school
serving low-income families, (b) teach special education, or (c) teach
science, math, a foreign language, or in any other field designated by a
state agency as having a shortage of qualified teachers. Eligible
students have 15% of their Perkins Loan cancelled after each of their first
two years of service, an additional 20% cancelled after each of the next two
years of service, and a fifth year of service qualifies the student for
cancellation of the remaining 30% of their loan.
For more information go to
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelperk.jsp?tab=repaying
Cancellation for Stafford Loans
If you received a Stafford Loan on or after October 1, 1998, and you
teach full time for five consecutive years in a low-income school, you might
be eligible to have a portion of the loan cancelled. This applies to FFEL
Stafford Loans, Direct Subsidized and Unsubsidized Loans, and in some cases,
Consolidation Loans.
For more information go to
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
Stafford Loan Deferment/Forbearance Provisions
If you have a FFEL or Direct Stafford Loan and you're teaching full time
in a teacher shortage area, you might be eligible for deferment
(postponement of repayment) if you borrowed before July 1, 1993. If
you borrowed on or after July 1, 1993, you might be eligible for forbearance
(a temporary postponement or reduction).
For more information go to
http://studentaid.ed.gov/PORTALSWebApp/students/english/deferffel.jsp?tab=repaying
Douglas Scholarship Reduced Service
If you have a Paul Douglas Teacher Scholarship, you might be eligible
for reduced service obligations. (Note: These scholarships were last awarded
in 1995-96.) Recipients of the Paul Douglas Teacher Scholarship may reduce
the years of service they must perform by teaching in a shortage area.
For More information go to
http://studentaid.ed.gov/PORTALSWebApp/students/english/douglas.jsp?tab=repaying
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