Teachers represent the backbone of education system, but they often live in debt while trying desperately to educate. After years of school, they are paid very little, and still have mounds of student loans to pay off. Among the most talented and needed teachers, are the science and math teachers that dedicate themselves to inspiring and instructing the leaders, inventors, and business owners of the future.
Loan forgiveness is a program offered to qualified receipts to reduce or cancel the loan commitment. If your loan is forgiven then you are no longer responsible for paying all or part of your loan. This program was set up to encourage students to enroll in and complete graduation in education majors. Further more teachers who qualify for the forgiveness program give back to their community through employment at a qualified school. Loans that apply include Direct Subsidized and Unsubsidized Loans as well as Federal Stafford Loans. However PLUS Loans do not qualify.
The forgiveness program requires qualifying teachers to meet certain requirements. Not just anyone can receive the reduction in their student loans. First a borrower may not have outstanding balances on the Federal Family Education Loan Program (FFELP) or a default federal student loan. There are date requirements that must be taken into account, therefore it is important to read all the requirements and frequently asked questions.
Furthermore, all applicants must be a full time teacher employed for 5 consecutive years in an eligible school system. The service of teaching is an important factor in the forgiveness pact. Teachers who work in at risk school districts are eligible for Title 1. Some examples of these would be districts in the Bronx, rural communities in the Appalachian Mountains, or South Central Los Angeles.
There are three levels of loan forgiveness through this program. The first level is $5000. To qualify for $5000, you will need to teach at a qualified elementary or secondary school in the subject related to your major. For the second level that relieves up to $12,500 in loans you must meet the requirements of the $5000 level as well as be employed as a math or science teacher in an eligible secondary school or work within the special educational field. At the 3rd level your service forgives $17,500 in student loans. You earn this level through service in special education, math, or science as a highly qualified teacher. This means a Masters or Doctorate degree with specialized training.
In order to apply for these programs, start by contacting your loan company or the American Education Services (AES) Loan Forgiveness Group. There is a website with an abundance of information, pdf’s, and frequently answered questions.
Those who teach give more of themselves every day to your children. They open doors and imaginations of the little ones in their care. In order to be successful at teaching, those hefty loans need to be relieved for their service. This is a solution that will help teachers, students, and the educational system succeed.