Student Loan Forgiveness for Teachers

Student loan debt is exceeding credit card debt in America. The amount of students that are graduating with debt is on the rise, and the current economic situation is making it difficult to land a decent paying job. The downside of student loans is the fact that they can never be written off, especially government student loans. Since the government has taking over the system of lending money to students, the cost of education has been reaching sky high limits. Students find themselves indentured to a life time of student loan payments. Even though student loan payments typically last 10 years, many graduates are finding out that it is taking longer to pay off their student loans.

The good news about student loans is the fact that there is some forgiveness programs made available. Student loan forgiveness for teachers is one perfect example of how graduating students can get out of their student loan payments. The student loan forgiveness program for teachers is designed to encourage graduates to take on a career of teaching. However, not all teachers will receive this student loan forgiveness program because there are certain guidelines in which the graduate must meet in order to qualify for this forgiveness program.

To qualify for the student loan forgiveness program for teachers, the graduate must teach full time for a period of 5 years. On top of that, the teacher must be teaching in an elementary school or a secondary school system. Only elementary schools that serve families with a low income qualify for this program. There are other requirements that the graduate must meet to qualify for this student loan forgiveness program like not owing on a direct loan. Only student loans that are used before the 5 years of teaching at a recognized elementary school may be forgiven.

To apply for this forgiveness program, teachers must speak to their administrator at the school in which the teacher is working. The administrator will have the necessary application and paper for the teacher to fill out in order to apply for the student loan forgiveness program for teachers. The administrator must recognize the teacher as working for 5 consecutive school years in order to send the application. Before applying teachers are advised to read over the guidelines and rules with this forgiveness program. More information is found on the Department of Education’s website. More information can be found online with which elementary schools are qualified for this program.

Teachers who are not teaching yet and have student loans should take the time to research which elementary schools are qualified for the student loan forgiveness program. There is a low income school directory online that accurate displays the appropriate elementary schools that qualify. Teachers do not have to complete their full 5 years before applying for this forgiveness program. The student loan forgiveness program for teachers provides options for teachers to apply for the forgiveness program for each school calendar year. In other words, teachers can save a percentage on their student loans for each of the 5 years the program is designed for.

The first and second year the teacher will be forgiven for 15 percent of the total student loan for each year. The third and fourth year of teaching, the teacher will be forgiven for 20% of the loan for each year. The fifth year, the teacher will be forgiven for 30% of the student loan. This program is designed to help graduates survive in today’s economy. Since teachers are in demand, the program has produced successful results because of the amount of graduates seeking out a student loan forgiveness program.