Financial Aid Closure

Federal Student Aid (FSA) Cancellation/Deferment Options for Teachers

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

If you have a loan from the Federal Perkins Loan Program, you might be eligible for loan cancellation for full-time teaching at a low-income school or teaching in certain subject areas. You can also qualify for deferment for these qualifying teaching services. Check with the school that made your Perkins Loan for more information.

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.

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).

Also, visit the PSU Financial Aid website for additional information regarding loan repayment.

Outstanding Students

Jamie Daniels

Jamie Daniels

As an outdoor enthusiast unsure of what I wanted to major I chose to attend Plymouth State University because of the many majors to choose from, and their great reputation for academics. During my freshman year I met some marvelous faculty that inspired me to become a History major with a double minor in Art History and Anthropology/Sociology. At PSU I have met life long friends, and made great connections with faculty who have assisted me in discovering what I would like to do after college, internships, clubs and the chorale, and a job on campus working in the library at the Michael J. Spinelli Special Collections and Archives.