Becoming a teacher can be one of the most rewarding professions in the US, however the financial burdens placed on new teachers can be quite brutal if they took out student loans to cover their tuition. And while the job satisfaction rating for teachers is very high, they often do not make the type of money in salary many other professions do especially in their early years.
However, there are teacher loan forgiveness programs you can take advantage of to help relieve your debt burden and also add to your experience level which can be beneficial in getting you the teaching job you desire. Essentially, there are two types of loan reduction programs, the type that forgive part or the entire debt that is owed and cancellation of your loan in total.
Debt Cancellation: Cancellation means that the balance you owe on your loan is removed and the loan itself no longer exists. However, this type of teacher cancellation program is only for students who used the Federal Perkins Loan. You can have the Perkins loan cancelled if you fulfill one of the following requirements.
-Take a full time teaching position at a qualified low income school. -Teach in one of the recommended subject areas. -It is also possible to have your loan deferred as well, depending on the circumstances. If you did use a Federal Perkins Loan, then you should check with the school you attended for more information as to how to have the loan cancelled or deferred. Teaching at a low income school usually requires a set period of time before your loan is cancelled.
If you had one or more of the following loans;
Subsidized Federal Stafford
Unsubsidized Federal Stafford
Then you can Qualification for teacher loan forgiveness. These programs are actually designed to encourage more people to join the teaching profession and use their skills at certain designated schools. Usually the schools that Qualification are the type in need of teachers which may require students seeking loan forgiveness to move depending on their location.
By taking advantage of this program a student can have their loan forgiven if they complete five consecutive and complete academic years teaching in qualified elementary and secondary schools. Also, certain educational service agencies that serve low income families may Qualification as well. There may be other qualifications as well, depending on the circumstances of the loan. In meeting the qualification of the debt forgiveness, you can have up to $17,500 removed from the combined total of the loans mentioned above. However, if you only have PLUS loans you do not Qualification for this debt forgiveness program.
You can only apply for teacher loan forgiveness after you have completed the five year stay at the qualified school or educational program. This will involve the school you taught at since the chief administrator is needed to verify your attendance over the five year period. It is possible to teach at more than one school that qualifies, in which case you’ll need the chief administrator of those schools to assistance as well.
The first step in consolidating your student loans is applying for a consolidation with us
We will Locate Your Student Loan information. As a result of recent changes at the Department of Education, you'll need to provide your student loan information with your consolidation application. There are several ways that you can locate your student loans and the easiest is to contact the Borrower Tracking office of the Department of Education
Sign and Mail. Once you have reviewed the promissory note, and understand the terms, you will sign and return the application by sending the originals back to us via mail for our review.
Received Student Loan Forgiveness
Application Processing After your application is submitted for processing, the "loan retrieval" begins. The consolidating lender will contact your lenders for the exact amount you owe; this information is sent to them on a loan verification certificate, or LVC. This process can take up to 60 days depending on the response time from your lender(s).
Dont wait until your situation spirals even further out of control