The Teacher Loan Forgiveness program is the most helpful of all the forgiveness choices as teachers could be qualified for the immediate principal decrease and complete forgiveness after 10 years. Teachers can pass for a principal reduction of $5,000 to $17,500 on their loans, with full forgiveness after a ten-year term. Any leftover balance at the end of the 10 years would be entirely forgiven. The ten-year forgiveness is part of the public service loan forgiveness program, but in most states, teachers pass and get advantages of each program.
Eligibility Requirements of the Teacher Loan Forgiveness Program?
A person that gives direct classroom teaching or classroom-type teaching in a nonclassroom environment is a teacher. Special Education teachers are recognized teachers.
Private student loan consolidation is available through various banks we work with to combine all your student loans into one new loan. Private student loan consolidation requires a good credit score and will often have better rates than the federal student loan.