Currently, teachers who were new Federal Family Education Loan or Ford Direct Student Loan borrowers as of October 1998 and taught in qualified low-income schools for 5 consecutive years are eligible for up to $5,000 in student loan forgiveness. The President’s FY-03 budget will substantially increase the amount of forgiveness for some teachers, reaching up to $17,500 for each qualified individual.

This year, President Bush’s budget proposed expanding this program, which is estimated to cost $45 million in FY-03 and a total of $112 million over the next five years.

• Highly qualified teachers are eligible for this program, if they teach math, science or special education in qualified low-income schools for five consecutive school years.

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