Becoming a teacher involves costly secondary education. The problem however is that why would a teach rack up thousands of dollars in student loans to become a teacher when the job pays notoriously little? There are many answers to this question such as love of work, love of teaching, wanting to make a difference, etc. But shouldn’t there be more of a financial benefit to having one of the most important jobs a person could have? Thanks to a new program that forgives Stafford loans for teachers, there is finally an economic benefit to becoming a teacher.
How much of your loans can be forgiven? In order to get more college graduate to join the teaching ranks, the Teacher Loan Forgiveness Program makes it possible for up to $17,500 in debt accrued Direct Loans or FFEL loans. For many teachers, this comprises a good percent of the loans they are paying back and provide a strong incentive to become a teacher.
Who qualifies? The program is aimed at teachers who teach at least five years in low income neighborhoods. If you are currently in default on any loans, you would need to get those current or at least arrange a repayment strategy and get those payments on track before you can qualify for the forgiveness program.
There are certain requirements on the school you teach at to qualify for loan forgiveness. For example, the school has to have been selected by the U.S. D.O.E. as having enough students who qualify for special services. Also, you must have gotten your loans prior to the completion of your five years teaching.
Teachers still aren’t getting paid enough and this particular program only covers a small group of teachers. That being said, this is a step in the right direction. More programs like this and higher pay in general could serve to put more qualified teachers to work.