- (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.
History
History: Cr. Register, April, 1992, No. 436, eff. 5-1-92.