What You Need To Know About Student Loan Forgiveness For Teachers
Having to repay a student loan can be quite daunting, however, help is definitely available. As a teacher, you may qualify for a student loan forgiveness for teachers program. To be honest, you should look into this, since, with a few changes and sacrifices, your student loan can be paid off without that dark cloud constantly hovering above you. After all, if it helps to get you out of debt, you owe it to yourself to at least find out more.
A loan forgiveness program, for those of you who aren’t familiar with it, is an opportunity for someone to pay off their student loan or for it to be cancelled, provided all requirements are met satisfactorily.
Even though this program offers you hope in reducing or eliminating your student loan debt, don’t forget that you need to qualify; in other words, you must be eligible for this program. If you safely meet the criteria, then there’s no reason not to be accepted in the program.
Please also remember that once you DO qualify, you must stay well-informed regarding your responsibilities. An innocent mistake could cost you dearly, so stay well-organized and you’ll be fine.
Here are certain points to consider when applying for your loan forgiveness program:
* If you had defaulted in your original loan repayments, you’ll probably not be eligible. However, if you did arrange for an alternative repayment that is deemed satisfactory, then you may be accepted. The bottom line? Your previous loan must be in good standing.
* Depending on where you are, there may be different rules and regulations. When seeking for a forgiveness loan as a teacher, you must apply before your fifth year of your qualifying teaching service or services.
* You must be employed full-time for 5 academic years.
* The school in which you are employed must fall within a district in which such a program or funding is offered.
* You’ll very likely need a letter from your employer to state that you have been working a full academic year. Obviously, you’ll need to get this letter on a yearly basis without fail!
* You may not be eligible to receive any other benefit from another program, so you’ll need to look into that. Hopefully, you won’t have this issue, however, if you are receiving some form of aid, you may not qualify.
Please be aware of this as this may jeopardize your chances. Again, it depends where you are as there may be little differences in eligibility rules. At best, you’ll need to weigh your options and decide what’s more important and you may need to drop the other program in order to be eligible for the teacher loan forgiveness program.
This program is meant to encourage individuals to enter and teach in schools for low-income families. If you had a loan of up to $5,000, by applying to the program, it could be cancelled or repaid. If you happen to be highly qualified, especially in science or math, then, if you meet eligibility requirements, up to $17,500 may be repaid if you apply to the student loan forgiveness for teachers program.