If you are an educator at a public school, you are likely eligible for one or more student loan forgiveness programs.
These programs help lower the amount you pay each month and also help accelerate the process of paying off your student loans.
Understanding how student loan forgiveness plans work can be very complicated, especially for those not familiar with the different programs that are available.
Contact an advisor at National Educational Services to help you understand this process and continue reading below.
Teacher Student Loan Forgiveness Fast Facts
Did you know that in the United States, student loan debt makes up for $1.5 trillion of the total debt?
Whereas auto loan debt totals up to around $1.2 trillion and credit card debt amounts to around $900 billion.
Additionally, educators and other employees that work in public service that have over $50,000 in student debt are expected to make payments as large as $600 per month when operating under the standard repayment plan.
Loan Forgiveness for Public Service Employees
Individuals that work in public service are not only educators are public schools, but also individuals that work for non-profit hospitals, registered 501(c)(3) organizations, the military, or the government.
Additionally, in order to qualify for loan forgiveness, your loan repayment plan must be one of the four IDR plans, or it may also be the standard 10-year repayment plan.
Finally, you must have 120 qualified payments.
How to Qualify for Loan Forgiveness
If you do not qualify for student loan forgiveness under the forgiveness program for public service employees, then you may qualify as solely as a teacher.
In order to qualify for this loan forgiveness plan, you must be a teacher for at least 5 consecutive years and work in a Title 1 School. If you are an educator that teaches math, science, or special educator, you are entitled to student loan forgiveness of up to $17,500. If you do not teach one of these subjects, you will be entitled to student loan forgiveness of up to $5,000.
Get the Help You Need from National Educational Services
At National Educational Services, we know that understanding student loan forgiveness can be complicated.
Let our advisors help in the best way possible and contact us today to learn more about the different student loan forgiveness options that are available to educators all across the country.
Fill out the form below, and we will be happy to help you!