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Student Loan Forgiveness for Teachers
Student loans are often necessary to finance a college education. However, many teachers find it difficult to repay student loans after graduation. A teacher's salary often will not be adequate to pay living expenses and begin making payments on student loans.
There are several programs that provide student loan forgiveness for teachers. These programs will officially "forgive" all or part of the loan amount, which means that that amount does not have to be paid back.
Potential teachers often obtain Stafford and Perkins loans as a means of financing college. Even these types of loans can be forgiven in part, if not completely. If you are a recent graduate or have already established your teaching career, there are several options available to you that can drastically reduce or completely eliminate your student loan balances.
Student loan forgiveness for teachers may be possible by working full-time in an elementary or secondary school in low-income communities. It may be possible to cancel your entire Perkins loan. Perkins loans are provided by the individual college or university, so you will need to contact the financial aid department of the college you attended to get information on debt forgiveness in regard to that particular institution.
Special education teachers, providers of early intervention services for disabled children, choosing an area with teacher shortages such as foreign languages, science, or math, and bilingual teachers are also eligible for student loan forgiveness for teachers. Head start teachers can have up to 100 percent of their student loans eliminated as well.
More information about student loan forgiveness programs for teachers is available from the US Department of Education.
Teachers can have loan payments deferred or portions of their student loans eliminated by serving in a volunteer capacity for organizations such as the Peace Corps and Americorps.
Americorps is a national service agency that assigns volunteers to help in many areas of community service including education. Participants receive an Education Award of $4,725 for a year of full-time service, and is prorated for part-time. Americorps Education Awards may be used to repay a student loan made by a state agency, including state institutions of higher education.
Peace Corps volunteers may defer repayment on student loans while serving and are eligible for a 15 percent cancellation of their outstanding balance for each year of Peace Corps service. Additional educational and financial benefits are available.
Student loan forgiveness for teachers is an excellent way to eliminate debt and concentrate on teaching rather than constantly worrying about debt repayment.
Ed Fed Graduates qualify for up to 100% Loan Forgiveness with EdFed.