What’s The Best Way To Get Your Student Loans Forgiven As A Teacher? | Student Loan Planner

What’s The Best Way To Get Your Student Loans Forgiven As A Teacher? | Student Loan Planner


What’s the best way to
get forgiveness as a teacher for your student loan debt? It really depends on how much you owe. If you have less than $20,000, the Teacher Loan
Forgiveness Program could be a really wonderful program. This will forgive $5,000
for a lot of teachers, or up to 17,500 for teachers
that happen to be working in a specific field in
certain low-income areas. So, this Teacher Loan
Forgiveness Program’s a pretty helpful program for people who owe a very modest
amount of student loan debt. However, there’s a huge flaw with it and that is that it only
covers up to $17,500, which is really not that much compared to a lot of people’s loan balances out there. Another problem with
Teacher Loan Forgiveness is it doesn’t count
simultaneously for credit when you make payments under this program for the Public Service
Loan Forgiveness Program. The PSLF Program, as it’s otherwise known as, is a 10-year program where you
have to make payments based on your income. At the end of that 10-year period, your loans are forgiven tax-free. Whereas, the Teacher
Loan Forgiveness Program is five years and does not
forgive your entire loan balance. If you do Teacher Loan Forgiveness, or you get loans forgiven, then you have to start over for Public Service Loan Forgiveness. So in other words, you could have had your loans
forgiven on a 10-year plan, and instead, you’re drawing
it out over 15 years, if you employ both Teacher
Loan Forgiveness and PSLF. Now, for teachers who
owe less than $20,000, payments based on your income will probably be 150 to $250 at a minimum, so you would just pay off your
loans over 10 years anyway and not get any forgiveness. So, in that case, it makes sense to go for
Teacher Loan Forgiveness. However, if you’re a teacher
with more than $20,000 in debt, and there’s a lot of them out there, because the typical debt for a teacher with a master’s degree is about
$55,000 student loan debt. If you go to the Columbia
Teachers College, you might even owe a
$100,000 of student loan debt for your teaching degree. And in that case, you want something that will forgive your loans tax-free and
will forgive all of it. So, you would want to ignore the Teacher Loan Forgiveness Program and focus on PSLF instead, and the way you can do
this is if you figure out that your payment under Pay As You Earn, or Revised Pay As You Earn, happens to only be a 150 to $250 a month, or maybe it’s 300 or 350, if it’s moderate compared to
the size of your loan balance, especially if it’s below
1% of your loan balance, your payment under an income-based plan, then you will very likely
have loans forgiven under the PSLF Program. Now, you have to have direct loans, any other kinds of loans do not qualify. So, if you have FFEL
loans or private loans, those do not qualify. Some federal loans you
can consolidate them and convert them to direct
loans so that they qualify. It’s a little complicated
and that’s why we’re here to help teachers because
my dad was a teacher and he taught for 40 years, and a lot of people in
my family are teachers and I wanna make sure that
folks get really good help if they have a lot of student loan debt. Our team, everybody on our team has either a CFP or a CFA and we would love to make a custom plan for your student loans, for your masters, or graduate degree in
teaching if you happen to have a ton of student loan
debt from that degree. So, you’ll reach out to
[email protected], myself or one of our team
will reach out to you and explain how we might be able to help. And we make custom plans
for a flat fee of 295 for teachers who owe less than $200,000. So, it’s pretty affordable
and the most important thing is that you make sure
that you have clear plan for your school loans so that they don’t
become way more expensive than you really want them to be. So, hopefully that was
a good primer for you on what paths teachers can use
to get their loans forgiven. If you have questions,
please comment, reach out, one of our team members
will get in touch with you. Thanks so much for watching and good luck paying
back your student loans from your teaching degree.

Leave a Reply

Your email address will not be published. Required fields are marked *