Teachers are an incredible resource in our society; they help to shape our children by being role models and instilling in each student the knowledge that will help to make them future productive citizens. However as of late, qualified teachers have become a scarce commodity – due especially to the fact that decreased government funding and a sharp increase in uncompensated school related responsibilities has forced many teachers into retirement. Legislators have taken note of this recent trend and are looking for ways to entice more individuals to enter into the education field of study. One of the perks that are offered includes student loan forgiveness for teachers.
Is this Legitimate?
Student loan forgiveness for teachers is a real concept that has been put into action within the past few years. The government offers several programs that are applicable for different loan types; these programs will either completely or partially cancel student loans for teachers. All of this occurs assuming the graduate meets certain qualifications and adheres to a few post-graduate stipulations.
Student Loan Forgiveness for Teachers Qualifications
There are several eligibility requirements in order for an individual to be considered for a student loan forgiveness program. In order to qualify for student loan forgiveness for teachers, one must meet the following criteria:
- Must be in good standing with all loans; if the borrower is in default, he must have made satisfactory repayment arrangements in order to bring the defaulted amounts current.
- The loan for which the borrower seeks forgiveness must have been initiated and fulfilled before the end of the borrower’s five years of qualifying teaching service; any loans incurred after this date are not eligible for forgiveness.
- The borrower has not received partial student loan forgiveness for teachers through the AmeriCorps program services.
- The borrower must have been employed full-time for five consecutive, academic years in an elementary or secondary school that meets certain government stipulations.
There are other qualification requirements that are date specific, so be sure to inquire about these dates if you are in search of a student loan forgiveness for teachers program. Generally speaking, the qualifying schools that a teacher must work at are those that serve low-income families. The U.S. Department of Education publishes updated lists of these schools yearly; this information may be found online.
How to Apply
For individuals in search of student loan forgiveness for teachers, there are a few tips to keep in mind while applying for cancellation. The borrower must have completed the five-year teaching requirement prior to applying for loan forgiveness. A school administrator, typically the Chief Administrative Officer, will be required to provide proof of teaching service and complete the certification section of the application. If the borrower has worked at multiple qualifying schools, a separate form must be completed for each school. If the borrower is applying for cancellation of loans provided by different loan holders, he is required to have a separate form for each creditor. Once all the appropriate paperwork has been completed, the application for student loan forgiveness for teachers can be submitted and reviewed for verification.