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Student Loan Forgiveness

South Carolina Teacher Loan Program

The South Carolina Teacher Loan Program (TLP) allows recipients to cancel portions of their loan indebtedness by teaching in certain geographic and subject areas.  Recipients who become certified and who teach in a geographic or critical subject area may have their loan payments postponed while they are teaching.  In addition, while teaching in a critical area, the loan will be eligible for cancellation based on the following guidelines:

• For teaching in a critical geographic school or a critical subject area, the outstanding balance will be canceled at a rate of 20%, or $3000, whichever is greater, for each full year of teaching up to 100%.
   
• For teaching in a critical geographic school and a critical subject area simultaneously, the outstanding balance will be canceled at the rate of 33.33%, or $5000, which ever is greater, for each full year of teaching up to 100%. 

Critical Geographic Schools for Kershaw  County for 2011-2012

• BARON-DEKALB ELEMENTARY

• BETHUNE ELEMENTARY

• JACKSON SCHOOL

• MIDWAY ELEMENTARY

• MT PISGAH ELEMENTARY

• NORTH CENTRAL HIGH

• NORTH CENTRAL MIDDLE

• PINE TREE HILL ELEMENTARY

Critical Subject Areas for 2011-2012

• 01 MATHEMATICS
• 02 SCIENCE (BIOLOGY, CHEMISTRY, PHYSICS AND SCIENCE)
• 03 MEDIA SPECIALIST
• 04 SPECIAL EDUCATION - ALL AREAS
• 08 INDUSTRIAL TECHNOLOGY
• 11 SPANISH
• 12 FRENCH
• 13 LATIN
• 14 FAMILY/CONSUMER SCIENCE
• 17 BUSINESS EDUCATION
• 18 GERMAN
• 19 ENGLISH
• 22 HEALTH
• 23 SPEECH AND DRAMA, THEATER
• 24 DANCE
• 25 AGRICULTURE
• 26 ALL MIDDLE LEVEL AREAS (LANGUAGE ARTS, MATHEMATICS, SCIENCE, SOCIAL STUDIES)
• 28 SPEECH LANGUAGE THERAPIST

Interest Rate Reduction:

All South Carolina Teacher Loan Recipients teaching on a full-time basis in the South Carolina public system will be eligible for an interest rate reduction of two percentage points below the rate charged to recipients who are not teaching.  The rate is variable and changes annually on July 1.  The interest reduction must be renewed annually.

Forms for cancellation/payment postponement and interest rate reduction can be located at www.scstudentloan.org.

Stafford loan:

Stafford loan recipients are eligible to have up to $5000.00 of their indebtedness cancelled after teaching for five full years in a critical geographic school.  Recipients teaching math or science at the middle and secondary level, or special education at any level, upon meeting specific criteria, may be eligible to cancel up to $17,500.00.  Te be eligible all loan disbursements must be made after October 1, 1998.

• Teacher Stafford Loan Forgiveness Forbearance Applications are available for those teachers who are teaching in an eligible school but do not yet qualify for forgiveness (teaching five full years).
   
• Teacher Stafford Loan Forgiveness Applications are available for those teachers who have taught five consecutive years in an eligible school.

Forms for cancellation and/or forbearance can be located at www.scstudentloan.org.