§ 121.203. Loan forgiveness.
Qualified applicants who are selected for the Urban and Rural Loan Forgiveness Program in accordance with the policies established by the Agency are eligible for payment by the Agency of the PHEAA-approved indebtedness in the Agency-administered Federal Family Education Loan Programs, including interest charges, if the indebtedness is at least $500. The indebtedness may not include loans advanced by relatives of the borrower and other individuals. For each academic year that the teaching commitment is fulfilled, and based upon the availability of funds, the forgiveness rate shall be the greater of either a maximum 25% of the PHEAA-approved indebtedness or the minimum annual payment required in order to keep each PHEAA-approved loan in good standing. Forgiveness may not exceed $2,500 for each year that the teaching commitment is fulfilled and no more than $10,000 will be forgiven for any participant. The payment shall be made in accordance with the procedures established by the Agency.
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