FOR IMMEDIATE RELEASE!:
4 Loan Forgiveness Programs for Teachers
1. Public Service Loan Forgiveness (PSLF) Program Forgives the remaining balance on your Federal Direct Loans after 120 qualifying payments (10 years). View complete program details at StudentAid.gov/publicservice. Here are some highlights: This program has the broadest employment qualification requirements of the federal programs listed—it doesn’t require that you teach at a low-income a public
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Here are some highlights:
•This program has the broadest employment qualification requirements of the federal programs listed—it doesn’t require that you teach at a low-income a public school, or even be a teacher. Most full-time public and private elementary and secondary school teachers will meet the employment requirements.
•You must have Direct Loans. If you have other types of federal loans, like FFEL or Perkins Loans, you must consolidate in order for those loans to qualify. To check which types of loans you have, log in to StudentAid.gov.
•You should repay your loans on an income-driven repayment plan if you want to get the most value out of the program. You can apply for an income-driven repayment plan on StudentLoans.gov.
•In order for payments to count toward the 120 needed to get forgiveness, they need to be full payments, made no more than 15 days late, and made after October 1, 2007.
•Loan amounts forgiven under PSLF are NOT considered taxable by the IRS.
To confirm whether you qualify for the program, submit this form ASAP.
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confirm whether you qualify for the program, submit this form ASAP.
2. Teacher Loan Forgiveness
Forgives up to $17,500 of your Direct or FFEL Subsidized or Unsubsidized Loans after 5 complete and consecutive years of teaching at a qualifying school.
View complete program details at StudentAid.gov/teach-forgive.
Here are some highlights:
•You must have been employed as a full-time teacher at an eligible school for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
•Certain highly qualified special education and secondary mathematics or science teachers can qualify for up to $17,500 in forgiveness. Other eligible teachers can qualify for up to $5,000.
•PLUS loans and Perkins loans are not eligible to be forgiven through this program.
•Any time you spent teaching to receive benefits through AmeriCorps cannot be counted toward your required five years of teaching for Teacher Loan Forgiveness.
•You apply for teacher loan forgiveness after you have completed the five-year teaching requirement.
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Posted By: agnes levine
Monday, January 16th 2017 at 12:18PM
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