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Federal Student Aid (FSA)

Purpose

Program Office:Federal Student Aid
CFDA Number : 84.355
Program Type : Loan forgiveness.

The program was created to attract and retain more highly trained individuals in the early childcare profession. Borrowers who meet the criteria for this program can have 20 percent of their total loans forgiven after two years of service. (For any year in which a portion of a loan is forgiven, the proportionate amount of interest on that loan accruing in that year is also forgiven.) An additional 20 percent is forgiven after a borrower completes a third consecutive year of qualifying service; this amount rises to an additional 30 percent after each of the fourth and fifth consecutive years of service.

FSA Handbook: Child Care Provider Loan Forgiveness Demonstration Program