Many teachers have student loans to pay off, and because teachers don't make much money, sometimes the prospect of paying off a large college loan is overwhelming. Certain teachers may qualify for up to $17,500 in loan forgiveness, but the process takes time.
Instructions
1. Qualify by teaching at a low-income school for at least 5 years. A low-income school is designated by the United States Department of Education. Once you have completed five years of teaching in a low-income school, you may begin the loan forgiveness application process.
2. Determine what type of loan you are hoping to have forgiven. Your college loan should include a subsidized or unsubsidized Stafford loan or an unsubsidized or subsidized Federal Direct Stafford loan. Talk to your lender about what type of loan you are paying back.
3. Print off a copy of the loan forgiveness paperwork from the U.S. Department of Education website. You may also call your state education agency to have the paperwork mailed to you. Fill out the paperwork according to instructions.
4. Give the loan forgiveness paperwork to the administrator at your school. The administrator must verify that you have completed five years of employment at the school and that you are a highly qualified teacher.
5. Submit the completed loan forgiveness paperwork to your student loan lender. Your application will be reviewed, and the lender will respond to you with an approval or denial of loan forgiveness within 135 days. You may postpone any upcoming loan payments for 60 days while waiting for an answer to your application.
Tags: loan forgiveness, forgiveness paperwork, loan forgiveness paperwork, low-income school, college loan, completed five, completed five years