What’s the one thing that just about every student loan borrower has in common? Answer: the wish for student loan forgiveness. As helpful as it can be, few borrowers actually know how it works – or who qualifies. Even though there are several types of forgiveness options that may be available to a variety of career fields; if you’re an educator looking to learn more about the teacher loan forgiveness program, this article will be your favorite read of the week! To begin, ask yourself the following questions.
1.) Did you graduate college with a bachelor’s degree?
2.) Did you receive a teaching certificate?
3.) Since receiving your teacher’s license, have you always kept an active status?
If you answered, “YES” to all the questions above, keep reading…
First, to enroll in the Teacher Loan Forgiveness program, you need to be teaching a minimum of 30 hours a week at a low-income school for five complete and consecutive academic years. Next, are you currently enrolled in an income-driven repayment plan? Great! Then you’re one step closer. What if your debt is currently in default? Unfortunately, you would not qualify. You must have made consistent payments towards your loan with no interrupted payments. Please also note that the subject you teach in, grade and skill level are all factors that could also affect the amount of forgiveness you may be eligible for. Science and special education teachers get the highest amount of forgiveness and could receive up to $17,500.
If you think you could qualify for teacher loan forgiveness – or, would like some help finding out, call Docupop at (888) 893-0423! Our knowledagble student loan specialists have years of experience and are happy to assist you with any questions you may have.
There may be additional requirements that were not covered in this article. More information can be found at the Federal Student Aid website in the link under resources below. Click here for legal disclaimer.
Resources:
https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher
