Welcome Hojo's Teaching Adventures Readers!
As a thank you for visiting my page, view the following general information about teaching forgiveness
-120 qualifying payments
-Must be made no more than 30 days before due date and 15 days after
-All loans must be Direct Loans
-Must have qualifying plan (typically based on income only beneficial plan)
-Must teacher 5 years as highly qualified teacher in qualifying subject area at a Title I school
-If high school math and science or high school or elementary special ed, you can qualify for up to $17,500 in forgiveness
-If you are highly qualified teacher for a qualifying subject area, you can qualify for up to $5,000.00
-If the amount you would owe at the end of five years is less than the forgiveness you will receive, you can do a Teacher Loan Forgiveness Forbearance yearly to avoid payment. However this amount must include both principal and interest amount.
You qualify for cancellation of up to 100 percent of a Federal Perkins Loan if you have served full-time in a public or nonprofit elementary or secondary school system as the following;
-a teacher in a school serving students from low income families
-a special education teacher (this includes teachers of infants, toddlers, children or youth w/ disabilities)
-is a teacher in the fields of math, science, foreign language or bilingual education, or in any other field of expertise determined by the state education agency to have a shortage of qualified teachers in that particular state
-Based on duties, not on position title
-If you qualify for cancellation, it can be up to 100 percent of the loan, in the following increments:
-15% per year for the first and second years of service
-20% per year for the third and fourth years
-30% for the fifth year
These amounts also include the interest that accrued during the year
-Many other states and employers have their own forgiveness programs
-Often times in these situations, rather than cancellation payment is remitted to the provider for payment
-Talk to you individual employer or state to find out the time frame and eligibility requirements
Questions before you decide?