If you’re a teacher with student loans, you’ve probably heard different things about programs to have your loans forgiven. However, when it comes to getting the exact details, many times they’re hard to come by or end up being incorrect, costing you valuable time and money.
So, let’s set the record straight and review the basics. There are three primary student loan forgiveness programs for teachers.
The first is Teacher Loan Forgiveness. To qualify, you need to teach for five consecutive years in a school that serves low income students and you can receive either $5,000 or $17,500 in forgiveness, depending on the subject you teach. This program is especially beneficial for middle and high school math and science teachers, and special education teachers at any levels.
The second program is Public Service Loan Forgiveness. To qualify, you need to make 120 qualifying payments on your loans while teaching, and can receive forgiveness of your entire loan balance once you qualify.
The third is Perkins Teacher Loan Cancellation, which also has its own specific details.
Each of these programs has unique requirements and it’s important to have a plan to ensure you figure out how one or more can fit into your situation.
If you’d like to learn more or about the ins and outs of planning student loan forgiveness for teachers, give us a call or drop us an email.