Who It’s For: Qualified Iowa teachers who work in designated shortage areas.
How to Apply: You can access the application here.
What Loans Qualify: Federal loans are the only loans that can be directly paid off by this forgiveness. However, you can also elect to have the forgiveness sent directly to yourself instead.
How Much?: $4,000 per year, up to a maximum of five years.
Anything Else I Should Know?: As noted above, this is one of very few programs that allows the forgiveness to be paid directly to yourself instead of going directly to your loan. In fact, this might be the better option if you are paying off non-federal loans, or if you’re simultaneously trying to qualify for another option that will forgive your full remaining loan debt (such as Public Service Loan Forgiveness). Be careful though, getting it paid directly to you may mean you pay more taxes on it.