Wisconsin Administrative Code
Higher Educational Aids Board
Chapter HEA 11 - Minority teacher loan program
Section HEA 11.06 - Loan forgiveness
Current through August 26, 2024
(1) Loans shall be forgiven when the borrower is employed as a teacher in an eligible Wisconsin school district. For every academic year of full-time employment, 25% of the principal and accrued interest, if any, shall be forgiven, with the amount to be prorated in cases where less time has been worked. The borrower shall be given a maximum of 6 years to work the required 4 years for full forgiveness.
(2) The maximum of 6 years allowed for forgiveness shall be extended by the board for up to a total of 3 years for active duty military service; peace corps and vista; and a year for pregnancy, childbirth or the legal adoption of a child or for temporary physical or emotional disability. In no instance shall the term of forgiveness exceed 9 years including periods of deferments authorized by the board. The executive secretary may allow additional periods of deferment in exceptional situations.
(3) Any loan principal remaining unforgiven shall be repaid with interest accrued from the date the borrower ceased working as a teacher in Wisconsin or ceased being a student, whichever is the latest date.
(4) Only borrowers holding a bachelor's degree in teaching and licensed by the department of public instruction shall be eligible for forgiveness.
(5) No interest shall be charged the borrower during the forgiveness period.
