You might be able to have up to $5,000 of your Stafford Loans canceled if you are teaching in a low-income school and you are a new borrower. A new borrower is one who has no outstanding FFEL or Direct Loan balance. 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. Contact The Office of Federal Student Aid Federal Perkins Loan Teacher Cancellation Program, Union Center Plaza, 8 31st Street, Washington D.C. 20202; 800-433-3243; Continue reading →