Working with special needs students can help qualify teachers to reduce student loan loads.
Becoming a teacher can be costly. Some teachers complete four years of college education; others complete an undergraduate degree before moving on to a one-year (or more) teacher-training program in preparation for entering the field. Because teacher-training programs almost always include a practical component requiring part-time student teaching, many teaching students rely on loans to help cover tuition and cost-of-living expenses. Student loans, combined with the interest they accrue over time, must be repaid in the vast majority of circumstances. However, eligible teachers may qualify for grants to help pay off student loans.
Federal
Federal grant programs can help teachers pay off their student loans. The Teacher Loan Forgiveness Program can help teachers eliminate up to $17,500 in student loan debt under some circumstances. Qualifying teachers in high-need areas, such as teaching in low-income schools or those teaching math, may be able to eliminate an additional $5,000. Not all student loans qualify under this program; examples of eligible student loans include the Perkins Loan, Stafford Loan and National Direct Student Loan.
State
Prospective teachers and current teachers can also access state-level grants to pay off student loans. Eligible teachers working in under-served schools (for example, low-performing schools, rural schools or low-income schools) may qualify for these state grants. For example, the California Student Aid Commission helps the state's eligible teachers repay student loans of up to $19,000 after teaching four years in one of California's lowest-performing schools. Teachers may not currently be defaulting on existing student loans and must sign an agreement stating their intention to teach for four years. One-year leaves may be granted for pregnancy, serious illness or active military status.
Private
Some private institutions may also offer grants for teachers to help reduce student loans. For example, the Woodrow Wilson National Fellowship Foundation offers teaching fellowships including stipends of up to $30,000 for qualifying teachers to attend master's programs in order to better serve high-needs student populations, including math and science subject areas. This can reduce teacher reliance on additional student loans to further their practice.
Considerations
In many cases, grants linked to paying off student loans for teachers require that teachers take on challenging teaching assignments in low-income schools, low-performing schools, rural schools, inner-city schools or working with special needs students. Planning a teaching career to help defray college costs by paying down student loans might not be a good plan unless you genuinely want to work with challenging student populations. Additionally, since states require most public school teachers to hold a credential verifying formal teacher training, it doesn't necessarily save money to take out additional student loans for a teacher credentialing program if your original intent was to reduce the overall amount of student loans you'll eventually need to repay.
Tags: student loans, additional student, additional student loans, four years, low-income schools