Teacher Loan Forgiveness Program

Teachers who are full time and work five (5) consecutive years in certain schools that serve low income families are eligible to erase $5,000.00 of their federal student loans.

Math or Science teachers in eligible secondary schools and special education teachers in eligible elementary or secondary schools are allowed to erase up to $17,500.00 of their student loans in return for five (5) consecutive years of employment in certain schools that serve low income families.

The Teacher Loan Forgiveness Program under the FFEL Program and the Direct Loan Program apply only to borrowers with no outstanding loan balances as of October 1, 1998, or later.

FFEL and Direct Loan borrowers are not eligible for the Teacher Loan Forgiveness Program if their loans are in default status. If a borrower is in default status, it is imperative that they get out of default status by taking advantage of the Income Based Repayment (IBR) Program in order to establish their eligibility to participate in the loan forgiveness program.

It is important to note that teachers can take advantage of multiple loan forgiveness programs simultaneously. For example, teachers can apply for the Teacher Loan Forgiveness Program and the Public Service Forgiveness Program at the same time.

Check the following website for more information:

http://ibrinfo.org/

http://studentaid.ed.gov/students/attachments/siteresources/LoanForgivenessv4.pdf

http://studentaid.ed.gov/students/attachments/siteresources/PSLF_QAs_final_02%2012%2010.pdf

Dunne Law Offices, P.C.
1500 John F. Kennedy Boulevard, Suite 200
Philadelphia, PA 19102
(215) 854-6342 (Office)
http://www.thephiladelphiabankruptcyattorney.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s