Student Loan Forgiveness Programs for Teachers

Why is Loan Forgiveness so Hard?

Emma Kerr, who is the Paying for College reporter at U.S. News & World Report goes through different options that teachers have in the possibility of getting student loans forgiven.  Unfortunately as has been reported only about 1% of those to apply for the Public Service Loan Forgiveness program actually get approved due to all of the details that must be met.

Options presented include:

• Public Service Loan Forgiveness which will forgive any remaining loans after 10 years of qualifying payments
• Teacher Loan Forgiveness which will forgive $5,000 or $17,500 of loans after 5 years of qualifying service
• State and Institutional Student Loan Forgiveness for Teachers which varies by state but can be helpful. Also provides a link for a database of options
• Teach Grant which is not a forgiveness program but allows for a grant with meeting certain requirements after graduation.

What to do?

With all of these options do your homework to make sure if you are looking for forgiveness that your loans qualify and you are making the appropriate payments needed.  The last thing you want is to think you are going to get forgiveness and it doesn't happen.  Trust me I've been there.  Emma quotes Melanie Reinhart, a director of financial aid as saying...

"She tells them to pretend forgiveness doesn't exist when planning their financial future and even advises students on the fence about becoming teachers to explore other majors or consider double majoring."

The loan forgiveness pathway can be tricky.  My suggestion is to do your research, keep track of conversations with lenders and take notes to reference, and to plan on not getting the forgiveness.  If you do get it, great!  A huge bonus and money that can be invested instead of paying off debt.  If not, hopefully, you have budgeted to get rid of it anyway ASAP.  Once you do you lighten your burden and have more to help grow your wealth.

Read the full article by following the link below.

Student Loan Forgiveness Programs for Teachers