Student Loans and Teaching...

shopgirl · #1 12-03-2002, 02:55 PM

Does anyone know where or how I go about finding out how teaching in under developed areas would lessen my student loan debt?

Are there any other ways to lower my student loan debt through community service?

Anyone?

Love,
Shopgirl

KillarneyRose · #2 12-03-2002, 03:55 PM

M,
Not sure if this exactly what you're looking for, but you may as well take a look-see

www.teachforamerica.org

OrigamiTulip · #3 12-03-2002, 04:18 PM

I've thought about doing this because my students loans are crippling...

From the Direct Loans website (if you have Federal Direct Loans):

Teacher Loan Forgiveness Program
The Teacher Loan Forgiveness Program was instituted by the U.S. Department of Education to allow borrowers of Direct Loans or Federal Family Education Loan (FFEL) loans to have up to $5,000 discharged from their student loans. Direct Loan borrowers who are teachers with new loans after October 1, 1998 and who are teaching in selected low-income schools for five consecutive complete academic years may be eligible for the Teacher Loan Forgiveness Discharge.

Teacher Loan Forgiveness Site

shopgirl · #4 12-03-2002, 06:11 PM

Thanks Ladies!!!

I'll be sure to check these out.

valkyrie · #5 12-03-2002, 08:09 PM

Wow, this is interesting; I'm glad to know that something like this exists. I would be beyond thrilled if there was such a program for attorneys working in public interest positions!

But really, $5000 for 5 years of work really isn't much. I wish they could be more generous, because what is more important than getting great teachers where we really need them?

Munchkin03 · #6 12-03-2002, 08:26 PM

For every year you are in the Peace Corps, the government will cancel a certain percentage of your loan debt, and it increases by each year, say 15% the first year, 30% the second. I know there's a cap, maybe at 30%. I guess if you have $30K, having about 10 cut off in 2 years is pretty sweet.

Also, certain military, nursing, or volunteer service can erase some federal loan debt.

pinkyphimu · #7 12-03-2002, 09:53 PM

contact your lenders directly and ask for a forbearance and cancellation form and info packet. the perkins loan, i think, has a teacher forgiveness program, but it requires teaching in a public school. there are also programs for nurses, too. they also look for teachers in certain fields. unfortunately, even tho i was teaching in the severe disabilities field, i was at a private school and they only do programs for public schools. now, i am in a public school, but the district is too wealthy, even tho it is still the same cert area. can't win!!! i am bound to pay these loans until i am 75!

forbearance is a good option if you can't pay the loans for a short period of time, but it does build up interest.

MooseGirl · #8 12-04-2002, 12:28 AM

Damn! I wish we had something like that up here...i'd do just about anything to lower my debt!!

Oh well, i guess i just have to pay back what i borrowed...although i'm stalling as long as possible (well just until i actually get a full time job)

OUlioness01 · #9 12-04-2002, 10:24 PM

maybe i'll do the peace corps for a year or two before i start teaching...