What happens if I cannot repay the entire loan balance through teaching service in the seven-year payback period?
Policy 20.5 When the entire loan balance cannot be repaid through teaching service in the seven-year payback period, the Fellows graduate shall receive notice formally beginning the collection process for the entire amount of principal balance with interest. * If the Fellow is not teaching in the fourth year and has no previous teaching service credit, the entire loan balance will be due. * If, after collection begins and there is time left in the seven year payback period, the Fellow secures a full-time teaching position as a fully licensed teacher under the terms of the Promissory Note, he/she may appeal to the Commission to be reinstated and permitted to repay the remainder of the debt in teaching service. If approved, no refund shall be given for monies already paid in collection.
