Teacher Forgiveness, Shortage & Low-income Areas | 04.14.09

Posted in Repayment, Student Loan Links By Student Loan Network Staff

I have the utmost respect for teachers. My good friend Trisha is an elementary school teacher in the New Hampshire school system. She tells me it can be a thankless job at times; shaping our nations future leaders and doing so for minimal compensation. True, most teachers went into the profession knowing they probably weren’t going to be pulling in six figure salaries but that doesn’t mean they need to struggle so mightily to stay a float with student loan debt looming heavy over their head.

The good news is that both federal Perkins and Stafford loans offer loan forgiveness opportunities for teachers.

Perkins loans can be forgiven for full-time teachers who teach in one of the specified shortage areas or teachers in a designated elementary or secondary school serving students from low-income families.

Stafford loans can be forgiven for full-time teachers in a designated elementary or secondary school for five consecutive years serving students from low-income families.

To see if you teach in a specified shortage area (click here). To check to see if your school is considered a low-income school (click here).

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2 Responses to “Teacher Forgiveness, Shortage & Low-income Areas”

  1. Kathie Dunham says on January 27, 2010 at 3:01 am:

    If a student loan has been paid for the last 10 years, and Istill owe $12,000 can it be eleminated? I have an original 40,000 loan that I have already paid over $60,000 because I refinanced it with Citibank with a 10% loan. The teacher has been teaching for 12 years. (my Daughter.)

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  2. Jon Abrahamson says on June 22, 2009 at 8:23 pm:

    I’m working on a mortgage with a teacher that has had stafford loans forgiven in the past. She worked for 6 years at her last low income school, now has moved to Minnsota and has worked at her current low income school for 2 years. She has stafford grad school loans. Is she eligible to get them forgiven upon her graduation. I’m just not sure since it says 5 years at the same school, but she has been 7 years, 5 at 1 school and now 2 at another, but all consecutive for low income schools.
    This would affect her qualifying for her house.

    Thanks, Jon Abrahamson Wells Fargo Home Mortgage.

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