Student Loan Forgiveness for Teachers

Teachers Federal Student Loan Forgiveness Programs

Oct 13, 2009 Asa Ghaffar

Are you a teacher who is worried about repaying college loans? Find out how student loan forgiveness for teachers can help. Help with Perkins loans and Stafford loans.

Student loan forgiveness for teachers was introduced to relieve future educators of some or all of the associated financial burden. The government recognised some time ago that the most essential jobs don't always offer the most lucrative salaries. This is why state assistance is offered to pay off student loans.

Student Loan Forgiveness for Teachers

Teacher loan forgiveness programs aren't available for everyone. A lot will depend upon the type of loan (Perkins or Stafford), ethnicity and teaching specialization. Genuine shortage areas, such as science and mathematics, are far more likely to result in qualification for federal student loan forgiveness.

Teacher Loan Forgiveness Programs for Perkins Loans

It is possible to be discharged of up to 100% of a Perkins loan through working on a full time basis in a public, nonprofit elementary or secondary school. Federal student loan forgiveness will be offered for those who fall into one of the following categories:

Working as a teacher in science, mathematics, bilingual studies or foreign languages. It may also be offered to those who plan to teach in a shortage area for that state. It is necessary to check with the local school system or state education agency to verify qualifying subjects each year.
Teaching kids with special educational needs. A school official will need to certify that the applicant has been teaching handicapped or learning disabled students. From July 23, 1992 special education teachers also qualify. This includes speech and language pathology, recreational therapy, psychological and counseling services, occupational therapy and physical therapy.
Special education teachers and those who teach children from low income families. Eligibility is determined by the state education agency. To benefit from student loan forgiveness for teachers in a given year, the school should have been eligible for federal funding.

Those eligible for loan forgiveness programs for teachers will be able to reduce their college student debt in steady increments each year. The first two years of service qualify for a 15% reduction, the next two years for a 20% reduction and year five will clear the remaining 30%.

Teacher Loan Forgiveness Programs for Stafford Loans

Although the qualification criteria are more complex and demanding than for those with a Perkins loan, it is possible to clear up to $17,500 of college student debt. Federal student loan forgiveness is also provided over a five year period.

As well as complying with the points alluded to above, the applicant mustn't owe money on a Federal Family Education or Direct Loan prior to October 1, 1998. There are a wide variety of other criteria that will need to be complied with.

The first step in student loan forgiveness for teachers is checking each of the promissory notes that were signed to determine what type of loans were agreed to. Not all teachers will be able to benefit, but it is well worth checking to see if eligibility can be established. Those who don't qualify could still benefit from student loan debt consolidation.

Sources

studentaid.ed.gov

The copyright of the article Student Loan Forgiveness for Teachers in Mortgages/Loans is owned by Asa Ghaffar. Permission to republish Student Loan Forgiveness for Teachers in print or online must be granted by the author in writing.

Student Loan Forgiveness for Teachers	Teacher Loan Forgiveness Programs	Student Loan Debt Forgiveness
Federal Student Loan Forgiveness	College Student Debt