Federal Student Consolidation
If you have taken out federal student loans under the Direct loans programs, you may be interested to know that there are special programs available for people who enter particular fields.
The federal government tries to encourage growth in professions that benefit society by offering benefits to students of education and medical programs. The Federal Teacher Loan Forgiveness Program is one such benefit within the US Department of Education's framework. A portion of the loans you take out to complete your education can be forgiven. This even works with some consolidation student loan programs.
About the Program
The program is designed to encourage education students (who intend to become teachers) to stay in the teaching profession. Once you have taught full time for five academic years in selected elementary or secondary schools (usually depressed or rural areas), you become eligible to have a minimum of $5,000 and up to $17,500 of your student loans forgiven. This includes your federal student loans and federal consolidation student loans.
Qualifying
Keep in Mind
The federal government tries to encourage growth in professions that benefit society by offering benefits to students of education and medical programs. The Federal Teacher Loan Forgiveness Program is one such benefit within the US Department of Education's framework. A portion of the loans you take out to complete your education can be forgiven. This even works with some consolidation student loan programs.
About the Program
The program is designed to encourage education students (who intend to become teachers) to stay in the teaching profession. Once you have taught full time for five academic years in selected elementary or secondary schools (usually depressed or rural areas), you become eligible to have a minimum of $5,000 and up to $17,500 of your student loans forgiven. This includes your federal student loans and federal consolidation student loans.
Qualifying
- To qualify for a t eacher loan the following must occur:
- The principal or assistant principal (who handles administrative services and supervises teachers) has to certify that you meet the requirements in terms of time period teaching and subject matter.
- You have to teach math, science, special education or teach students with disabilities full time for 5 consecutive years at a primary or secondary school, even if you change schools, after October 1, 1998.
- The school has to be on a list held by the US Department of Education as eligible for the teacher loan forgiveness program. It must be a public or non-profit private school.
- The loans have to be Federal Stafford, Direct, Ford or part of a consolidation student loan that included any of these types of loans.
- The qualifying loan has to have been made prior to your fifth year teaching.
Keep in Mind
- You cannot be a school librarian or guidance counselor.
- You cannot have defaulted on your student loans or consolidation student loans.
- You are responsible for repaying the balance.
- Payments made will not be refunded.
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