Teacher Loan Forgiveness is a beneficial incentive created by Congress for the purpose of rewarding school teachers for their relentless dedication. Teaching is a very demanding profession, accompanied by a great deal of responsibility.
To show how teachers are greatly being valued, lawmakers passed a bill giving elementary and secondary level teachers the benefit to apply for up to $5,000 worth of loan. In some cases, a teacher could even borrow up to $17,500 if they met the requirements provided by the program.
Time is one of the major drawbacks of the program. Because teachers are required to complete a five consecutive year teaching period, it also means teachers must extend their patience and dedication in order to qualify. The location and present condition of the school can also be challenging as most of these recognize schools are often situated in poor and dangerous places.
To qualify for this loan program, the teacher should be actively teaching in a recognized elementary or secondary school for at least five straight years. Math and science teachers can also enjoy and apply for 17,500$ worth of loan if deemed qualified.
More tips on how to apply for Teacher Loan program:
- To qualify, a teacher needs to complete the five years requirement. School teachers cannot apply under this program two or three years earlier. For a full list of eligible schools, visit your nearest standford loaning office or try searching the web using the keyword “Teacher Cancellation Low Income Directory”
- Certification is required, which can be obtained from the school’s Chief Administrative Officer as stated in Section 3 of the program. Eligible candidates recognize by the program are the principal and assistant principal of the school. Other positions such as the human resource head, supervisor, or assistant superintendent do not qualify as CAO.
- Stanford Loan Program requires that teachers provide the dates which include the day, month, and year. Avoid the terms ‘presently’ or writing any future dates as this will only deem the application invalid. If you’re already eligible for the program, but you’re still teaching, then use the date your CAO signed in your application as ending term.
- Teaching in more than one school will still make you an eligible candidate so long as all of these schools are recognized by the program. Applicants, however, are required to submit an application for each school, complete with dates and appropriate signatures.
- Finally, after submitting the loan application, general processing usually takes 2-3 months. You will be notified immediately through phone if the application is approved. The program is also required to put a teacher’s account in administrative forbearance for at least 60 days. During this period, teachers are not required to make any payments related to the Teacher Loan Forgiveness, but may do so if desired.