If you plan to become a teacher, you may be interested in Stafford loan cancellation for teachers. Borrowers may be able to cancel up to $5,000 of their Stafford loans if they are teaching in a low-income school.

To qualify, you must work as a full-time teacher for five consecutive years in an elementary or secondary school that has been designated as a “low-income” school.

The U.S. Department of Education each year designates low-income elementary and secondary schools, and a list of these schools, by year, is posted on the department’s Web site.

For qualifying conditions and other information, visit Student Aid on the Web.