The government has put in place measures and incentives as they try to get more individuals into the teaching profession. The main aim of the incentives is to see more persons pursue careers in teaching and thus cater for the shortage of teachers in the USA. One of the schemes that act as an incentive for the individuals seeking to be teachers is loan forgiveness for individuals who go into teaching after college. Many students have been beneficiaries of the Stafford loans which are awarded by the federal government, and they have helped many individuals who would have otherwise lacked access to college education due to lack of studies to further their studies. After you have been awarded a Stafford loan, you are required to clear the loan by starting to pay six months after one's graduation.
When one goes into teaching, they may qualify to have the remainder of their loan balance forgiven. The loans forgiven are to a given maximum of $17,500, but one needs to meet the given specification to qualify for the loan forgiveness. The standard loan forgiveness which can be forgiven through the Teacher-Student Loan Forgiveness Scheme is $5000 but for teachers who teach sciences or math in the specified qualifying schools as well as teachers who will be working with special needs students the ceiling is set at $17500. The forgiveness processed by the federal government due to involvement in teaching will apply to the individual's original amount as well as the interest that the principal amount of loan has accrued over the time. Learn More here!
The set criteria for one to have their loan forgiveness processed is that one must have completed five consecutive school years as a full-time teacher in the selected elementary or selected school. An individual doesn't have to have served in a single school for the five years, but for all the schools that one teaches for the five years, they will need to meet criteria which are specified in the scheme. Here are some discussions: http://www.huffingtonpost.com/tag/payday-lending/.
The years should also run consecutively apart from when one is called for military service or when one had to take time off due to illness. However, you will need to start making payments for the five years after college when you will be teaching before you become eligible to apply for student loan forgiveness. The schools which are selected are usually those in less developed areas which are in need of good teachers, and the forgiveness scheme will only target to clear the balance left on your loan after serving for the five consecutive years. Click Here to get started!