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Loan Forgiveness

Loan Forgiveness:

If you wish to secure teachers loan forgiveness from the FFEL and Direct Loan program, then you must not have earlier applied for the same and must not be liable towards them from October 1, 1998 onwards. If you are teaching core subjects like mathematics, science or social science, then about $17,500 will be exempted but you must satisfy few conditions. Besides, you must be employed as a fulltime teacher in an elementary or secondary school and must complete five years of teaching experience in the respective school. According to the U.S. Department of education, you must belong to the low income category.

Before applying for the exemption of loan forgiveness, you must be familiar with the following terms.

• Academic year means completion of one years teaching in the same school or teaching two complete years in the same school and consecutive half years in different schools. Generally one academic year means a period of nine months. For nearly three months the school students are granted vacation.

• Elementary school or secondary school means an organization that does not aim towards profit. It means a nonprofit private school that provides elementary education or secondary education as determined by the state law.

• Full time employment as a teacher is determined by the states standard. If a teacher is employed in two different schools then his eligibility will be decided taking into consideration his capacity in teaching.

• Teacher means a person who provides lectures in a classroom in a particular school. He or she will be considered to be a teacher even if he or she is teaching in a non-classroom setting. For eg: As a recent trend, German or French teachers are recruited by large business concerns or software companies. They teach languages to the employers who have a chance to travel abroad for deputation purpose and need to acquire language skills. These persons are also considered teachers.

Some additional criteria must be fulfilled to enjoy the following benefits:

a) From the assessment year 1997-98 onwards you must have atleast one year of teaching experience

b) He must have obtained the loan before the fifth year of his teaching

c) The elementary or secondary school must be a non-profitable organization basically.

The loan holders must be confirmed beforehand about the school of the applicant. The applicant should find out whether his school is classified under the category of low income. The U.S. department of Education publishes a list of low income schools on the website. In case, your school is not listed under the category of low income due to the technical error committed, then contact the state education agency. Following are the factors that determine whether a particular school must be listed as a low income school or not.

If you have completed five years of teaching experience and if you have began your teaching career before October 29, 2004, then $5000 will be exempted. To enjoy the following benefit you must be certified by the Chief Administrative officer stating that you satisfy the following criteria.

1) You must exhibit you skills in teaching, reading, writing mathematics and other co-curricular activities if you are teaching primary classes.

2) If you are teaching secondary classes then you must have taught the same subject to your class that was learnt by you in your academic career.

3) If you are teaching disabled students and have demonstrated your skills in the following areas.

But it is not essential that your school must be termed as a low income school for all the consecutive five years in your teaching career. For eg: if you have started teaching in the assessment year 1996-97 and the school is accredited as low income school in the year 1997-98 you will receive a concession of $17500 even if the school did not fall within the purview of low income school for the subsequent years.

In case, if you have commenced your career when already half of the academic year was complete and have taught for the subsequent four years, five years of teaching will be consider if you have proved your efficiency in teaching. Besides, if you were unable to cover a particular academic year due to health problems and if your leave is considered as valid according to Medical Leave Act of 1993, then will enjoy the same benefit. If you had returned to school with the intention of perusing your degree in education, then also your leave will be considered as valid.

Remember that your leave due to the following reasons will be considered valid only if it was at the beginning of the year.

How to apply for loan forgiveness

After completing five years of teaching you can apply for loan forgiveness. Once you have filled the form you can submit it to the Chief Administrative officer at your school. He must state that you have proved your efficiency and skills in teaching for the consecutive five years. Also, he must prescribe in the form that you are teaching the same subject that was opted as a major subject in your college. After completely filling the form, hand it to the loan-servicing agency for processing.

You must inform your lender and your guarantor that you have applied for loan cancellation and ask them for extending date for repayment. It takes almost 60 days to process for loan cancellation and so your repayment date can be postponed by 60 days. The lender will send you a revised statement of repayment after your loan cancellation is approved. Your lender will cancel about $17500 of the aggregate of loan amount that is outstanding after your five years of education. In case, you had repaid the amount prior to your five-year career of teaching, then the lender cannot refund the amount.

To be a highly qualified teacher, the applicant should:

1. The applicant must pass the State teachers licensing examination and must also hold a license to teacher in that state. If he is already teaching in a public chartered school then it is not necessary to hold license.

2. The respective teacher must not have bad certification in the past and must not be appointed as a temporary teacher or on contract basis.

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