Student Loan Consolidation Assistance

Teachers can qualify for Loan Cancellation!

Most teachers will tell you that their career is more about fulfilling the needs of our future than it is about money. Chances are you can believe that too. Salaries for teachers in low-income schools, or schools with poor financial planners are nothing short of embarrassing. Yet the majority of people in a teaching profession are not terribly concerned. Sure, wouldn’t we all like to make more money? Having a meaningful career and making a difference allows teachers to be happy. The government strives to make them just a little more happy.

Loans that are accrued in pursuit of a teaching degree have the potential to be cancelled or discharged up to 100%. There are a few requirements though. For those teachers holding a Federal Perkins Loan, a requirement is set in place for where they teach. If you serve full-time in a public or non-profit elementary or secondary school, you may qualify. The school must serve students from low income families, the teacher must be a special education teacher, or work in the field of mathematics, science, foreign languages, or bilingual education.

The position description will determine your eligibility. You can also qualify for deferment while you fulfill your requirement for teaching in the disadvantaged sector. If your description follows suit with the needed wording, you may be able to cancel a Perkins Loan.

In the case of a Stafford loan, the teacher must be employed for five consecutive years in a low income school, and be considered full-time throughout that time period. They may be able to cancel a portion of the Stafford loan when meeting these requirements.

Full time teachers in an area of shortage can also be eligible for a temporary postponement of loan payments, or a reduction in payments due each month for the loans. This is only in the case of a FFEL or Direct Stafford Loan.

If you are pursuing a teaching degree, or are already teaching in a low income school or area with a teacher shorted, research all the options available. It could save you thousands in loan repayments, not to mention overall expenditures.

Programs like this are meant to encourage teachers to spend their initial time in the classroom giving their skill and energy to areas that could really use it. Take advantage of this great option, and find a school that will benefit the most from your youth and vigor. It is a winning solution for everyone.