Re: Teacher Loan Forgivenes
12-30-2012 09:48 AM
In my case there was about $1,200 extra because I had been making minimum payments after I graduated and the grace period finished. They asked for my balances, and those (with interest) came to close to $59,000. I was allowed to keep the $1,200, but I have no idea whether or not it would be the same for the teacher loan forgiveness.
There must be some resource where you could find this out. In my case, there was a Facebook page for the loan program. The site had a lot of active users. I was able to get a lot of my questions answered there.
My loans were also for a state school. Some were undergrad and some were grad. I hadn't intended to take any loans for school because my husband and I were both working and we could have afforded it on our own. It was my grown children who encouraged me (because I was in a healthcare profession). They were certain I'd get the loans paid back, and they were correct. I believe it all works out fairly because I am certain I get less salary for practicing on the prairie. The loan repayment is a way to keep some of us here or to draw new providers. We have a lot of employees in our system who are here strictly for the loan repayment. We get $60k for the 1st 2 years, Another $40 or $60k for the next 2 years, and then repayment of the entire loan amount after 5 years. Many of our employees get hundreds of thousands of dollars of loans repaid by the time they are done and move on...and some never move on. They stay. This program is for many different healthcare-related professions (psychologists, pharmacists, etc.). Some of these sites couldn't be competitive without this loan repayment program.
Is there a way you can qualify for a lower payment with income based repayment? That could leave some left over for forgiveness.