If you are a teacher and you are in need of assistance with repaying your student loans, you just might be in luck. Teachers who will commit to teaching at a school in need for five years can obtain student loan relief, especially if they teach math, science and provide special education services.
For example, if you are a science or math teacher working in a low-income high school or a special education teacher working in a designated low-income school, you may be eligible to cancel up to $17,500 of your federal Stafford loans. Once you have completed your five-year commitment to teaching at a qualifying low-income school, the money is eliminated from you loan balance.
Other teachers working full-time in a designated low-income school for five or more years may qualify to cancel up to $5,000 of their federal Stafford loans. It is also important to note that there are a few exceptions to the requirement of fulfilling five complete and consecutive academic years of teaching. They include a year still being counted if:
- At least one-half of the academic year was completed, and
- Your employer considers you to have completed the terms of your contract for the academic year for the purposes of salary increases, retirement and tenure, and
- The reason you were unable to complete the academic year was because (i) you returned to postsecondary education related to the performance of teaching services on at least on a half-time basis, (ii) you suffered a condition recognized under the Family and Medical Leave Act of 1993, or (iii) you were serving active duty status for more than 30 days as a reserve member of the armed forces
If you believe you may qualify for the loan forgiveness program for teachers, contact us for help.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC. DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.