Study loan

Programs Offer Student Loan Repayment Help for Teachers

Teaching is a noble profession, but not necessarily the most profitable one.

You choose to enter this field because you love children, enjoy teaching or maybe because the hours and vacation time are convenient in caring for your own family.

But no teacher has ever entered the field to get rich.Unfortunately, the cost of obtaining the education, training and credentials you need to work as a teacher can mean that many students end up with significant and sometimes unaffordable student loan debt in the process.

While it’s possible to shop around for more cost effective programs, for many the damage is already done.

The federal government and many states realize that this debt may dissuade some from entering or staying in this profession.

Consequently, there has been an increase in student loan relief programs for those in the teaching profession in the last 10 or 15 years.

We’ve chosen to highlight some of the more generous programs in this blog post, but American Student Assistance offers a comprehensive guide to all education-related benefits.

Loan-Specific Programs Several types of loans have forgiveness options

built right in. Perkins loans, for example, have a program that

forgives 100 percent of an eligible borrower’s loan balance over five years.

Special education teachers, those at educational service agencies or in teacher shortage areas and faculty at tribal colleges all qualify.

The forgiveness amount is based in part on the level of your teaching credential as well as what or whom you teach.

Illinois residents, for example, get a matching $5,000 awarded by the state.

Iowa offers up to 20 percent – maxed at the annual state tuition rate – of an eligible teacher’s Stafford loan balance per year teaching in a designated teacher shortage area.

North Dakota offers $1,000 per year for up to three years to eligible teachers, and those amounts can be used toward not only federal loans, but also a certain private loan.

Awards to Help With Higher Credentials In addition to the federal teacher forgiveness programs, several states have created student loan forgiveness programs for teachers that may have loans from higher credentials, such as Graduate PLUS loans.

Programs for Specialized Teachers One of the most generous loan forgiveness

programs we’ve seen for teachers also comes from the federal government – in this case the U.S. Health and Human Services Department.

Eligible faculty at accredited health professions colleges can receive up to $40,000 in student loan repayment for a two-year commitment.

Even better, those funds are often matched by their employer.

• Public Service Loan Forgiveness• The Student Loan Ranger has talked about the Public Service Loan Forgiveness program several times in the past, and if you don’t qualify for any of the programs we’ve talked about so far or if the benefits don’t come near to covering your student loan debt, PSLF will be an option for most teachers.• One thing you may have noticed as you read through these programs and benefits is that almost none of them repay private study loan.• Source : http://bit.ly/1QQ7Y8B

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