Are there any Student Loans that can be forgiven for being a Teacher in Florida?
I will be transferring to FSU in the Fall as an incoming Junior. I have 100% Bright Futures Scholarship for tuition/books, but will need money for living expenses. I will not be able to work and will be completely focusing on getting my degree to become a Physics Teacher.
I will need some sort of student loans to finish my eduction, and heard that the Government will forgive certain loans if you want to become a math/science teacher, which is basically a win-win for me. I think I might need $10,000 maybe more for the 2 years I have left. Question is, which are the loans I get that can be forgiven? Oh and I don’t qualify for a Perkins Loan. Thanks everyone!
Stafford loans can be forgiven in certain situations for teachers. Here is the info and the reference.
Discharge/Forgiveness Condition:
Full-time teacher for five consecutive years in a designated elementary or secondary school serving students from low-income families. Must meet additional eligibility requirements.
Amount Discharged/Forgiven:
Up to $5,000 (up to $17,500 for teachers in certain specialties) of the total loan amount outstanding after completion of the fifth year of teaching. Under the Direct and FFEL Consolidation Loan programs, only the portion of the consolidation loan used to repay eligible Direct Loans or FFEL Loans qualifies for loan forgiveness.
Notes:
For Direct and FFEL Stafford Loan borrowers with no outstanding balance on a Direct or FFEL Loan on Oct. 1, 1988 or on the date they received a loan on, or after that date. PLUS Loans are not eligible. At least one of the five consecutive years of teaching must occur after the 1997–98 academic year.* To find out whether your school is considered a low-income school, go to www.FederalStudentAid.ed.gov.
Click on “Students, Parents and Counselors.” Or call 1-800-4-FED-AID (1-800-433-3243).
