Loan

– Forgiveness –

The ten-year forgiveness is part of the public service loan forgiveness program, but in most cases teachers qualify and receive benefits of both programs.

The Loan Forgiveness program

is arguably the most beneficial of all the forgiveness options as teachers are eligible for principal reduction and early ten-year forgiveness.

A qualified teacher can qualify for a principal reduction of $5,000 to $17,500 on their loans, along with full forgiveness after a 10-year term.  Any remaining balance at the end of the 10 years would be completely forgiven.

The ten-year forgiveness is part of the public service loan forgiveness program, but in most cases teachers qualify and receive benefits of both programs.

Who is considered a teacher in the Teacher Loan ForgivenessProgram?

A teacher is a person who provides direct classroom teaching or classroom-type teaching in a nonclassroom setting.  Special Education teachers are considered teachers.

How long must I teach?

You must be a teacher for five full and consecutive academic years after the 1997-1998 school year to qualify into the for principal reduction in the Teacher Loan Forgiveness program

Service Completed Before Oct 30. 2004

If your 5 consecutive years of teaching began before Oct 30, 2004, then:

  • You may receive up to $5,000 in loan forgiveness if you were:
    • A full-time elementary school teacher in mathematics, reading or writing or other areas of the schools curriculum
    • A full-time secondary school teacher, teaching in a subject that was related to your academic major.
  • You may receive up to $17,500 in loan forgiveness if you were:
    • A highly qualified full-time mathematics or science teacher in an eligible secondary school; or
    • A highly qualified special education teacher whose primary responsibility was to provide special education to children with disabilities, and you taught children with disabilities that corresponded to your area of special education training and have demonstrated knowledge and teaching skills in the content areas of the curriculum that you taught.

Service Beginning on or after October 30, 2004

If your 5 consecutive years of teaching began after Oct 30, 2004, then:

  • You may receive up to $5,000 in loan forgiveness if you were a highly qualified full-time elementary or secondary school teacher.
  • You may receive up to $17,500 in loan forgiveness if, as certified by the chief administrative officer of the school where you were employed, you were:
    • A highly qualified full-time mathematics or science teacher in an eligible secondary school; or
    • A highly qualified special education teacher whose primary responsibility was to provide special education to children with disabilities, and you taught children with disabilities that corresponded to your area of special education training and have demonstrated knowledge and teaching skills in the content areas of the curriculum that you taught.

Unable to complete an academic year

If you were unable to complete an academic year, that year may still count to your Teacher Loan Forgiveness five consecutive years if:

  • half of the academic year was completed;
  • you employer considers you to have completed your contract requirements for the purposes of salary increase, tenure and retirement

You were unable to complete the academic year because

To be a highly qualified teacher, a public elementary or secondary school teacher must

  • have obtained full state certification as a teacher; or
  • passed your state teaching license examination, and hold a license to teach in that state
  • have not had certification or licensure requirements waived on an emergency, temporary, or provisional basis

In addition to the above

You may be qualified as an Elementary school teacher who is new to the profession if you:

  • Have at least a bachelor’s degree
  • Have shown to have adequate teaching skills by passing any state tests, or having subject knowledge of reading, writing, mathematics and other core areas of elementary education.

A middle or secondary school teacher who is new to the profession is highly qualified if the teacher also

  • Holds at least a bachelor’s degree
  • Has demonstrated a high level of competence in each of the academic subjects in which the teacher teaches by
  • Have shown to have adequate teaching skills by passing any state tests, or having subject knowledge of reading, writing, mathematics and other basic areas of elementary education.

An elementary, middle, or secondary school teacher who is not new to the profession is highly qualified if the teacher also

  • Holds at least a bachelor’s degree
  • Meets the applicable standards of an elementary, middle, or secondary School teacher who is new to the profession; or
  • Demonstrates competence in all the academic subjects in which the teacher teaches based on a high objective uniform state standard of evaluation that
  • Is set by the state for both grade-appropriate academic subject matter knowledge and teaching skills;
  • Is aligned with challenging state academic content and student academic achievement standards and developed in consultation with core content specialists, teachers, principals, and school administrators;
  • Provides objective, coherent information about the teacher’s attainment of core content knowledge in the academic subjects in which a teacher teaches;
  • Is applied uniformly to all teachers in the same academic subject and the same grade level throughout the state;
  • Takes into consideration, but is not based primarily on, the time the teacher has been teaching in the academic subject;
  • Is made available to the public upon request; and may involve multiple, objective measures of teacher competency.

WE ARE OFFERING COMPLETE SUPPORT TO HELP YOU WITH YOUR STUDENT LOAN PAYMENTS!

Financial Review

Our financial advisors and planners who are experts in managing finances in the most effective way will review your financial condition and create a customized plan which is based on your income, family size and total monthly spending. This way they’ll determine whether you can afford to repay the loan or qualify for loan consolidation or forgiveness.

Budget & Plan

We can assist you in preparing a personalized budget plan that fits your current financial standing. This budget plan will help you save more money and make your loan payments. By reviewing your current budget, we can help design a monthly payment strategy that is flexible.

Debt Assistance

Our debt experts will not only design a flexible financial plan for you, but they will also take into account your income and suggest a suitable debt relief plan. These experts will also help prepare the right paperwork needed to qualify for a debt relief program.

There are no obligations or commitments.

YOUR ASSESSMENT IS ABSOLUTELY FREE