Teacher Loan Forgivenes
12-29-2012 01:26 AM
I'm not sure if anyone here is experienced or knowledgable about this specific issue, but my undergraduate student loans are all through the DOE (federal Stafford loans) -- both subsidized and unsubsidized. My balance is about $25k. I'm going into teaching science, which qualifies for $17,500 in loan forgiveness. However, it requires 5 years of employment at a low-income school, as defined by the federal government's standards.
That aside, assuming I do land a job at one of these schools... am I able to apply for loan forgiveness in my first year of teaching? I know it says it requires 5 years, but I hope to have paid off my loans by then. If I can't, and I do pay ALL of my loans off by then, do I get a $17,500 credit later? How does it work?
I just don't want to end up hanging onto these loans for five years, with small, minimum payments. I'd like to have my loans gone in my first couple of years in a full time job.
If anyone could shed a light on these issues, I'd greatly appreciate it - thanks!
Goal Scores: 720+ Walmart TU08 (12/12): 703; (01/13): 711; (02/13): 703; (03/13): 700; (04/13): 721; (05/13): 700; (06/13): 700; (07/13): 704; (08/13): 704; (09/13): 728; (Experian Lender Pull 09/13): 733
WF College (10/12) $1,600; WM Discover (12/12) $4,450; Amazon GE (12/12) $2,000; CapOne Student (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $1,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $5,000