Thursday, August 1, 2013

Student Loan Forgiveness For Teachers

Student Loan Forgiveness For Teachers

Loan Forgiveness For Teachers

According to the student aid section of the U.S. Department of Education's website, some teachers are eligible to have their loans forgiven. I say "some" because if you only received a PLUS loan, then you automatically don't qualify.

The program was meant to help and encourage more people to become success teachers. After all, what's a country without education.....

Now, according to the site, once you've taught at certain schools or agencies which focus more on lower income families for five years straight, you just  might be able to have up to $18,000 in student loan forgiveness.

So, how do I know if I'm eligible?
  • No outstanding loan balance on loans post 10/01/1998
  • You might be in default of an unsubsidized loan, if so, you're not eligible for forgiveness unless you've made arrangements with you loan holder
  • The loans which you want forgiveness have to have been made "before" the end of your 5 year qualifying period
  • If you spent time teaching and receiving benefits with AmeriCorp, that time "can't" be counted towards your 5 year qualifying period
  • If you taught for 5 years straight anytime after the 97-98 academic year, then you may qualify

So, how do I know if I'm "considered" a teacher? 
  • If you teach "special education", then you're a teacher
  • Do you teach in a normal classroom, or a "classroom-like" setting, maybe to teach online. If any of the above, then you're a teacher

How long do I have to teach to qualify?
  •  5 straight years, full time.
Teach at an Educational Service Agency?
  •  You may qualify for forgiveness if your 5 consecutive years were completed at an eligible service agency after the academic year of 07-08.

How can I apply for the Teacher Loan Forgiveness Program?
There's an official application here. The school's CAO, where you completed your 5 year qualification period, must fill out the certification section. Maybe you taught at different schools during the same school year, then just have one the chief administrative officers fill it out. However, if you taught at different schools during a different school year, then the chief administrative officer from each school must attest to you being eligible. Once the form is filled out, just return it to your loan holder. If you have more than one loan holder, then you'll have to have each certification filled and send one to each of your loan holders.

For more information on student loan forgiveness for teachers, just visit the Department of Educations website here.
Additionally, if you want more information on different types of loan forgiveness, check out our post on student loan debt forgiveness.

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