MOHELA forgives loans for teachers, students

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. It was initiated to “encourage teachers to continue their careers in math and science education, areas in which Missouri faces serious teacher shortages,” according to a MOHELA news release.

MOHELA has sent letters to 531 teachers across the state who are currently 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, according to MOHELA Associate Director Quentin Wilson.

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 2007-2008 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. The programs follow Gov. Matt Blunt’s creation of the Math, Engineering, Technology and Science Alliance, which includes representatives from state and local governments, public school systems and businesses.[[In-content Ad]]