MOHELA forgives loans for teachers, students

According to a MOHELA news release, one program reduces the debt burden for eligible math and science teachers in their early careers by forgiving up to $2,500 of their loan balances.

MOHELA has sent letters to 531 Missouri teachers who are eligible for the automatic debt reduction, resulting in an estimated $1.3 million in loan forgiveness. The program will continue each year as finances permit.

A second program will offer financial rewards for students who attend college for careers in engineering.

The Prospective Engineering Student Loan Forgiveness Award Program will reduce Stafford student loan balances by up to $3,500 for college freshmen who enroll and complete two years of designated college programs in pre-engineering or engineering.

The program begins with the 2007–08 school year.

To apply for the prospective student program, submit a coupon available at www.mohela.com/common/brochures/engineeringcoupon.pdf.

Both programs will be paid for through MOHELA’s College Access and Affordability Fund.

This story originally appeared in SBJ’s May 17 free e-news Daily Update. Click here to register.[[In-content Ad]]