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Minority Teacher Forgivable Loans

Eligibility:
  • Junior, Senior, or Graduate status enrolled at least half-time.
  • Wisconsin Minority resident (African American, American Indian, Hispanic, and South-East Asian i.e. Hmong, citizens or descendants of Laos, Cambodia, or Vietnam admitted to the U.S. after December 31, 1975).
  • Enrolled in a Teacher Certification program.
  • GPA of 2.5 or higher.
  • Can be awarded regardless of need.
Comments:
  • Interest rate is 5%. Interest is deferred until the beginning of the repayment period
  • Awards range from $250-$2,500 per academic year and the aggregate limit is $5,000 for the entire academic career.
  • Loan may be 100% forgiven if borrower meets certain employment criteria.
  • Borrowers ineligible for loan forgiveness will begin repayment six months after graduating, leaving school, or dropping below half-time enrollment.  Repayment must be completed within 10 years of the date repayment begins.
  • Loan documents are typically mailed to eligible students between June - August.  They must be returned to the Financial Aid Office within the time frame stated if interested in the loan.