How to Get Your Loan Forgiven by Being a Teacher In a Low-Income Area
Forgiving student loans by being a teacher in a low-income area is a way to encourage those in the education field to remain there. Many low-income areas need teachers, and if you have a passion for teaching and you meet the qualifications, you can be on your way to having your student loans forgiven. If you give a little, you can get a little.
- Difficulty:
- Moderately Challenging
Instructions
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1
Pay off any outstanding loans from the Direct Loan or Federal Family Education Loan Program (FFELP) made on or after October 1, 1998.
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2
Set up the loans you are planning to forgive before the end your fifth year of qualifying teaching service.
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3
Work as a full-time teacher for a full five consecutive academic school years. One of the qualifying years has to have taken place after the 1997-1998 academic school year.
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4
Work at a non-profit elementary or secondary school. The school can be public or private so long as it is non-profit and services low-income students.
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5
Fill out the Teacher Loan Forgiveness Application. Turn in the application to the Chief Administrative Officer at your school to fill out the certification section of the application.
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1
Tips & Warnings
Teachers qualified in special education, math or science can be eligible for a higher forgiveness amount.
Payments already made on the loan will not be refunded.
You are responsible for any balance that is remaining.
Forgiveness is not eligible if you have received benefits from AmeriCorps program under Subtitle D of Title 1 of the National and Community Service Act of 1990 for the same teaching employment.
