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Student Loan Forgiveness for Teachers

by Samia Tasnim

How does it feel when you work so hard for a long period of time and get low payments? Does not feel good, right? Though teachers are the most respectable persons in professional life, sometimes some teachers get the low pay with long hours which is painful and it is a possibility of losing talent and confidence at the same time. Student loan forgiveness for teachers can solve these problems for those teachers who are suffering these difficulties.

What is Student Loan Forgiveness for Teachers?

When a teacher teaches full-time for five complete academic years with a low payment and meets other qualifications, he/she then deserves student loan forgiveness of about $17,500. The teacher must seek the loan forgiveness before the end of the five academic years of perfect teaching career. Many of the teachers quit teaching profession because they suffer from this inferiority. But student loan forgiveness for teachers from the federal and state government that can help solve their problems.

Student Loan Forgiveness for Teachers

Teachers who need the loan forgiveness can apply for the programs that are mentioned below. There are four programs which are quite popular. When the balance of the unpaid federal student loans exceeds the forgiveness amount the teachers can apply for the programs then. They should fulfill the requirements of the program.

Student loan forgiveness programs for teachers are as given below,

  • Teacher Loan Forgiveness
  • Federal Perkins Loan Teacher Cancellation
  • Public Service Loan Forgiveness
  • Teach for Texas Loan Repayment Assistance
  • Math and Science Scholars Loan Repayment Program
  • State-Sponsored Student Loan Forgiveness Programs

A teacher must have a federal Perkins loan to get the eligibility for loan forgiveness. At the beginning of the first year of teaching service, they can start the loan forgiveness process. one should contact the university that offers the loan.

Teacher Loan Forgiveness

To get this loan, the teacher should have been teaching at least for 5 years of complete and successive academic years with low pay. These are the main requirements to be eligible for this loan.  The amount the teacher receives is based on his/her role and it is quite complicated. There are two systems to get this teacher loan forgiveness.

If a teacher is a full-time secondary school teacher and is teaching any subject related to his/her major, then he/she can receive about $5,000. And when a teacher is a very good and qualified full-time maths or science teacher in a secondary school, he/she can receive about $17,500 at a time. To become a highly qualified teacher, it is better if you pass the state teacher licensing exam and get yourself licensed.

Federal Perkins Loan Teacher Cancellation

To get this Federal Perkins Loan Cancellation program, the teacher needs to teach at least a year in a low-pay school. Teaching in a special subject or in mathematics, science, foreign languages, or bilingual education is a plus point. Teaching in a special field where there is a shortage of qualified teacher is also better point getting this. The teacher can have 15 percent of his/her Perkins Loans canceled after just one year of teaching. This amount varies in between five years before all Perkins Loan is canceled. To apply for this program, one needs to contact the school that holds the Perkins Loans.

Related: Should I Consolidate My Student Loan?

State-Sponsored Student Loan Forgiveness Programs

There are many states that offer loan forgiveness programs for teachers. Some state programs are,

  • Delaware
  • Arkansas
  • Illinois
  • Maine
  • Lowa
  • Mississippi
  • Maryland
  • Montana
  • New York
  • New Mexico
  • Texas
  • Oklahoma

There are a lot more state-based programs that are offering student loan forgiveness for teachers.

Public Service Loan Forgiveness

Public service loan forgiveness does not require that one has to teach at a low-pay school. Because the good point is, this program is not just for teachers specifically but teachers can apply here. One must have direct loans to be qualified for Public Service Loan Forgiveness. Payment plans like Income-Based Repayment (IBR) will lower monthly payments. Duration of the loan forgiveness is within 10 years. If anyone misses any of the requirements, he/she will end up paying more interest on the loans.

Student loan forgiveness for teachers help teachers who are suffering from low-payments in school though they are working harder than usual. Different programs are standing by their sides to support them.







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