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Home > Admissions > Financial Aid > Loan Forgiveness
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Several Federal, State and Stanford loan forgiveness programs are available to STEP teacher candidates. Based on student eligibility for aid, combined with job placement as teacher, in particular subject-matter areas or in schools that meet eligibility criteria, graduates of STEP can receive cancellations up to 100% of their loans without having to make payments.
The following section provides an overview of those programs:
The Dorothy Durfee Avery Loan Forgiveness Program
Funds are available to STEP students via the Dorothy Durfee Avery Loan Forgiveness Program if the students apply and are eligible for the federal Perkins loan.
After completion of STEP, students must work in a public school or an underserved private school. The student never has to make payments on the loan as long as she or he is teaching in an eligible school. After two years of eligible teaching half of the loan is forgiven and after four years the remainder is forgiven. For more information, click here.
TEACH Grant
STEP teacher candidates who are planning to become teachers at the primary or secondary school level may want to consider applying for a TEACH Grant. This new federal aid program provides awards of up to $4,000 per academic year, with a limit of $8,000 total for graduate students. More information on the Financial Aid Office website.
Assumption Program of Loans for Education (APLE)
The California Student Aid Commission administers this program, which allows for up to $19,000 of loans be cancelled for California teachers in eligible schools and who teach in critical teacher shortage areas. Frequently asked questions about APLE, and more information about the program is available here.
Perkins Loan Cancellation
Students who have Perkins loans might
be eligible for loan cancellation for full-time teaching at
a low-income school or teaching in certain subject areas.
Students can also qualify for deferment for other qualifying
teaching services. Check the Department
of Education's website for more information about
teacher shortage areas, school eligibility and general terms
of cancellations.
Stafford Loan Cancellation
Teacher candidates who teach
full time for five consecutive years in a low-income school
might be eligible to have a portion of the loan cancelled.
This applies to FFEL Stafford Loans, Direct Subsidized and
Unsubsidized Loans, and in some cases, Consolidation Loans.
Check the Department of Education's website on Teacher
Loan Forgiveness Program –FFEL and Direct Loan Programs
for more information about terms and eligibility.
Questions?
Contact the appropriate office below for questions related to loans and loan cancellation:
Prospective student to reach with a financial aid counselor: Financial Aid Office
Prospective student with general questions about financing the STEP program: Kristen Babineau, STEP Coordinator, School of Education.
Current Stanford student regarding loans: Financial Aid Office
Graduate of STEP regarding any loan-related questions: Student Financial Services
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