Prospective Teachers Scholarship Loan Program (PTSL)

The PTSL Program provided forgivable loans to North Carolina students who are pursuing college degrees in order to teach in North Carolina public schools. The program was transferred from the Department of Public Instruction to NCSEAA in 2006. You must complete loan forgiveness within seven years of graduation, excluding periods of approved deferments.

You must repay your loan through loan forgiveness or cash payments.

Option 1: Loan Forgiveness

Requirements

You must meet the following requirements to qualify for loan forgiveness:

• Graduate from a teacher education program
• Obtain licensure to teach from the North Carolina Department of Public Instruction
• Secure a qualified position as a teacher (or special services professional if funded during 2005/2006 and prior) in North Carolina

How to Apply for Loan Forgiveness

1. Submit verification of graduation to NCSEAA.
2. Notify NCSEAA of your intent to repay through loan forgiveness within 90 days of graduation.
3. Obtain licensure from the North Carolina Department of Public Instruction.
4. Secure a full-time qualified position in North Carolina.
5. Complete a Loan Forgiveness Application form and return it to NCSEAA for approval.

For additional information, see Frequently Asked Questions about Loan Forgiveness.

Option 2: Repay the Loan in Cash

If you cannot repay the loan through loan forgiveness, then you must repay it in cash within ten years of graduation or withdrawal from the PTSL program. You may repay the loan in one lump sum or monthly installment payments.

For additional information and instructions on how to repay in cash, visit Frequently Asked Questions: PTSL Cash Repayment.

Deferment

A deferment is a period in which loan forgiveness or cash repayment of a loan is postponed or delayed. Although payments are not due during a deferment period, interest at the rate of ten percent will continue to accrue on the outstanding principal balance of your loan. You may apply for deferment by completing and returning a Postponement/Deferment Form to NCSEAA for approval.

For additional information visit Frequently Asked Questions: PTSL Deferment.