I am a speech language pathologist assistant with the special-education department in a low-income school district. I have a mountain of student-loan debt. My Perkins loan has been forgiven 100% because of where I work. Can my Stafford loans be forgiven, too? I am trying to live on a teacher's salary.
Your job may qualify you for the Stafford loan forgiveness program, too, although the requirements are tougher than they are for Perkins loans, which are awarded to students with the greatest financial need.
You must teach for five consecutive years in a low-income school before any portion of the Stafford loans can be forgiven and must meet certain education and certification criteria.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Special education teachers can have up to $17,500 of their Stafford loans forgiven if their primary responsibility is to provide special education to children with disabilities that correspond to their area of special education training. Full-time math and science teachers who teach in a secondary school also can get up to $17,500 of their student loans forgiven; other teachers may get up to $5,000 in Stafford loans forgiven.
For details about the rules, certification requirements and which schools qualify, call 800-4-FED-AID or go to the cancellation/deferment options for teachers section of the Department of Education's student aid Web site, where you can also learn about other loan cancellation programs.
To apply for the forgiveness program, ask your loan holder for a Teacher Loan Forgiveness application (or download it from the Department of Education site) and have the head of the school certify that your teaching service meets the requirements. See Finaid.org for a list of loan forgiveness programs for other loans and occupations.
See Shrink Your Loans for other programs that can help you repay your loans.
-
Stock Market Today: Stocks End Higher in Whipsaw SessionThe main indexes were volatile Thursday with Nvidia earnings in focus.
-
Trump Picks Dr. Oz as Head of Medicare and MedicaidPresident-elect Donald Trump picked Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services. Here's what to know about the former TV host.
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
