Teachers Don’t Worry; You, Too, Have (Debt) Options!

The Teacher Loan Forgiveness Program is a student loan forgiveness program by the United States Department of Education. The sole purpose of this program is to encourage individuals to enter and stay in the teaching profession without thinking too much about the loans which they have acquired during their academics. Teachers who provide full-time direct classroom teaching or classroom type teaching in a non-classroom setting for a period of five complete tax years and consecutive academic years in listed and eligible school or school district may have their loans forgiven if they have acquired a federal student loan.

To qualify for Teacher Loan forgiveness one must be a highly qualified teacher and must not have an outstanding balance on Direct Loans or Federal Family Education (FFEL) program as of Oct. 1, 1998, or on the date you have obtained a Direct loan or FFE loan. One must be employed full-time at a low-income school and meet other qualifications such as – the teacher must be employed in an elementary or secondary school that  – is in a school district that qualifies for funds under the Elementary and Secondary Education Act of 1965 and has been selected by the U.S. Department of Education.

Infographic Source: Loan Forgiveness, Discharge or the Other

 Students who opt to serve full-time in public service and take up such occupations can accrue these advantages but they need to first understand the terms of the loans they have taken out and the required period they need to serve in the said occupation. Apart from these there are several other situations in which students can ease out the burden upon them illustrated in the infographic above.

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BarneyAuthor: Barney Whistance is a passionate Finance, Heavy Machinery and Lifestyle blogger who loves to write about prevailing trends. You can find him using Twitter and LinkedIn.