1975-1976 Academic Catalog

Admission and Finances 25 Partial Cancellation. If a borrower becomes a fulltime teacher in a public or nonprofit elementary or secondary school, or in a public or nonprofit institution of higher education, and would be involved in teaching economically, mentally, emotionally, and physically handicapped children, as much as 65 per cent of the loan over a period of five years, plus interest thereon, may be cancelled at the rate of 15 per cent for years 1 and 2, 20 per cent, years 3 and 4 and 30 per cent, year 5. Borrowers who teach fulltime in schools where the program "Headstart" is in operation and who participate in the program may, under certain condi– tions, qualify for cancellation of their entire obligation at the rate of 15 per cent for each year of teaching service. Borrowers who enter the Armed Forces of the United States after June 30, 1970 and whose loan was made after April 13, 1970 may qualify for as much as one-half the loan, plus interest thereon, to be can– celled at the rate of 12 1/2 per cent for each year of consecutive service (not to exceed 50 per cent of the total loan). Commercial Payment Plans for Educational Costs Th is plan enables students and parents to pay education expenses in monthly installments. Low cost deferred payment programs are available through nation– wide organizations specializing in education financing. All plans include insurance on the life of the parent, plus trust administration in event of the parents' death or disability. Agreements may be written to cover all costs payable to the school over a four-year period in amounts up to $14,000. Parents desiring further information concerning these deferred payment plans should write the College Aid Plan, Inc., 1008 Elm Street, Manchester, New Hamp– shire 03101.