If you are a teacher as your prominent vocational track, you could be earning up to $17,500 in student loan forgiveness. Teacher Loan Forgiveness is a federal program that allows educational loan forgiveness for teachers across the country who are seeking a reduction in educational debt. This program is also a great opportunity to encourage students to pursue a teaching track for their future career options. This program is one of the most highly accredited loan forgiveness programs available for post-educational individuals. After a 10-year term of serving as a teacher, this program offers full forgiveness for the remaining balance of student loans as this falls a part of the public service loan forgiveness program and follows a different set of requirements.
Qualifying for Teacher Loan Forgiveness
In order to qualify for the program, teaching experience is obviously necessary. A teacher is considered anyone who provides teaching instruction in a classroom or online setting and could potentially qualify. Some of the requirements in order to be considered for this program propose that teachers must have been involved in a full-time teaching role for at least 5 consecutive years that must have started after the 1997-1998 school year. Candidates must also have completed at least 5 years of academics in an educational setting. Furthermore, unsubsidized and subsidized loans that are in default do not qualify for the program unless alternative requirements are met. Teachers who seek to qualify for this program must also have been involved in a teaching role under a Title 1 elementary or secondary school.
Teacher Loan Forgiveness Options
Many of the loan forgiveness options are governed by how long the qualifying teacher has been involved in their vocational track and also depends on the subjects that they are skilled in. For example, in order to receive up to $5000 in teacher loan forgiveness, candidates must have been a full-time elementary teacher in mathematics, reading, writing or some other necessary subjects or also a full-time secondary school teacher for a subject that was related to their major of academic study. Loans may reach up to $17,500 in the cases that teachers are full-time, highly qualified individuals in the subjects of mathematics or science. Other candidates who possibly qualify for loans up to this high must have been a highly qualified special education teacher. These subjects must have exercised diligent responsibility in the areas of study that are taught toward disabled students and exemplify excellence in their specific role toward each student.
Moreover, many candidates may have not completed all the necessary academic years that are required but may still qualify for Teacher Loan Forgiveness. If more than half of the year that was not fulfilled entirely was completed or the candidate’s employer believes they he or she has finished their contract requirements for salary reasons, an exception may be made to still qualify for this program.
Teacher Loan Forgiveness is an excellent opportunity to teachers to find a significant amount of reduction in their student loans and is highly recommended. Do not hesitate to apply today!
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