Cancellation/Forgiveness

(1) For each year of continuous full-time employment as a math or a science teacher in a Tennessee Public School System, the borrower shall receive a credit of fifty percent (50%) of one year’s loan amount. Cancellation credit will be applied at the end of each year and upon receipt of verification of such service. Cancellation credit cannot be earned prior to completion of the advanced degree or certification program. (2) In order to receive cancellation credit, the borrower shall provide employment verification as required by the Corporation. (3) Cancellation credit shall not begin until the borrower completes the program of study for which the loan was provided. (4) The debt shall be cancelled on the basis of conclusive evidence that the borrower has died or has been totally and permanently disabled and cannot perform the teaching obligation outlined in the regulations. The borrower is not considered totally and permanently disabled on the basis of a condition that existed prior to the loan application. If, at any time subsequent to an initial determination of disability, the borrower’s condition improves to the point where a total and permanent disability no longer exists, the Corporation may reinstate any outstanding debt previously cancelled.