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The Teacher Loan Forgiveness Program paid off my entire loan!

Contributor

The Teacher Loan Forgiveness Program paid off my entire loan!

I can hardly believe it. When I applied back in June I expected to maybe get 1k paid off because of the current economy. However, I received a letter in the mail yesterday from Sallie Mae congratulating me on my loan forgiveness approval. In total they paid off $17,160. This news comes at a great time because I will be closing on my brand new home in a few weeks.  
Message 1 of 20
19 REPLIES
Moderator Emeritus

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

that is awesome-
 
thank you for being a teacher
Message 2 of 20
Established Member

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

*leaps up and cheers wildly* My mum is praying they pay hers off in full. She's an inner city junior high math teacher working on her Master's.
Message 3 of 20
Regular Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

Congrats! I had 20K out of 60K forgiven when I agreed to work in the Substance abuse field out of grad school (Clinical Social Work)  at an inner city agency. I could have had all of it forgiven if I stayed 2 years longer, but I moved into a higher paying position. It's a great program. I'm surprised how many folks don't know about it.
 
Again, Big congrats. It must be a great feeling!!Smiley Happy
Message 4 of 20
New Member

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

Wow,congrats!  That's amazing!  What kind of programs do they have that offer loan forgiveness? Do you have to teach in a public school?
Message 5 of 20
Senior Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

According to the Federal Student Loan folks at
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp

SOME teachers can get their loans forgiven -- they must either teach at low-income schools or be qualified to teach subjects in which there is a shortage of teachers.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 6 of 20
Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!



MattH wrote:
According to the Federal Student Loan folks at
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp

SOME teachers can get their loans forgiven -- they must either teach at low-income schools or be qualified to teach subjects in which there is a shortage of teachers.

That's exactly how I qualified. I teach at a school where over 90% of the student population is on free or reduce lunch and I am a special needs teacher.
Message 7 of 20
Senior Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!



ladylpk74 wrote:


MattH wrote:
According to the Federal Student Loan folks at
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp

SOME teachers can get their loans forgiven -- they must either teach at low-income schools or be qualified to teach subjects in which there is a shortage of teachers.

That's exactly how I qualified. I teach at a school where over 90% of the student population is on free or reduce lunch and I am a special needs teacher.





Sounds like you earned every cent of the forgiven loan balance! I paid mine off out of my own pocket, but since I work in the corporate world I could afford to so I'm hardly complaining.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 8 of 20
Frequent Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

God bless you!  I have a special needs child, well he's not really a child anymore (by age) Smiley Happy


ladylpk74 wrote:

That's exactly how I qualified. I teach at a school where over 90% of the student population is on free or reduce lunch and I am a special needs teacher.


Myfico scores as of 11/12/08 TU 750 EX 722

MyFico scores as of 9/20/08 TU 638 EX 663 EQ 691
Message 9 of 20
Regular Contributor

Re: The Teacher Loan Forgiveness Program paid off my entire loan!

Oh, wow!! I wonder if I can get any forgiven. I al getting perkins forgiven, but I have $46,000 in stafford that I would love to have any help with. I am going to try for the new plan and pay 10 years to get the rest forgiven, but I would like some done now if possible. I teach in a low income public school, too. How do I go about this?
1/18/08 EQ 570 TU 602 EX 562
9/14/09 EQ 622 TU 627 EX 623
Message 10 of 20