Teacher Student Loan Forgiveness
For many, the most daunting aspect of attending college is going into debt to pay for it. Student loans can be a frustrating, all-consuming, pesky burden for most graduates in the years or even decades after graduation.
Fortunately, for those who have made a career in teaching or education, eliminating part or all of your student debt may be possible through certain loan forgiveness programs. We’ve broken down everything you need to know about getting your federal or private student loans forgiven.
What Types of Student Loan Forgiveness Programs Are Available for Teachers?
Teaching is one of the most important professions, and though it’s certainly not considered the cushiest job in the world, it offers one benefit that many other careers don’t: student loan forgiveness. If you’re a teacher, there are several programs that may forgive some or all of your federal student loans. Here are a few:
- Public Service Loan Forgiveness (PSLF) Program: This program forgives the remaining balance on your Federal Direct Loans after 120 qualifying payments and doesn’t require that you be a teacher to qualify.
- Teacher Loan Forgiveness: This program forgives up to $17,500 of your Direct or FFEL Subsidized or Unsubsidized Loans after five complete and consecutive years of teaching at a qualifying school.
- Perkins Loan Cancelation for Teachers: This program forgives up to 100 percent of your federal Perkins loans if you teach full-time at a low-income school or if you teach certain subjects, including special education, math, science, foreign language, and bilingual education.
- State-Sponsored Student Loan Forgiveness Programs: Certain states offer loan forgiveness programs for teachers if you work in a high-need area. Utilize the American Federation of Teachers’ searchable database to find state and local forgiveness programs for which you might qualify.
Note that these programs only apply to graduates with federal student loans, such as the Stafford and the Perkins. This category of loans is backed by the federal government and is highly regulated.
If you have private student loans, on the other hand, look no further for debt relief than the debt settlement lawyers at McCarthy Law. Private student loans may be issued by well-known banks like Wells Fargo or Chase Bank and may have higher interest rates than federally backed loans. We’re experienced in student loan debt negotiation for privately issued student loans and may be able to help you explore the best options for getting on top of your finances.
How Do You Know Whether You Have a Federal or Private Loan?
In order to understand your options, you must first consider whether you have federal or private loans. Private student loans are made by private lenders such as banks or credit unions. Federal student loans, on the other hand, are funded by the U.S. Department of Education.
To check whether or not you have a federal or private loan, first determine whether it’s been issued by the federal government. To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education. If your particular student loan isn’t listed there, it’s most likely a private student loan. A qualified student debt lawyer can also help you understand what kind of loans you have if you’re still unsure.
If You’re Seeking Relief for Your Private Loans, McCarthy Law Can Help
Student loan forgiveness may seem too good to be true—especially for those with private loans—but there are legitimate ways to reduce your debt if you have the right student loan lawyer by your side. That’s where the attorneys at McCarthy Law come in. If you’re a teacher who’s overwhelmed with student loan payments, consider reaching out to our attorneys who can provide you with practical legal advice after fully analyzing your situation and determining the most strategic method that will have you feeling financially reassured.
Under our student loan debt settlement program at McCarthy Law, a licensed attorney contacts your student loan lenders and begins a negotiation process to significantly reduce the interest and principal on your private loans. At the end of a successful student loan settlement, the borrower ends up paying only a fraction of the original balance claimed by the lender. The rest of the debt is forgiven by the lender and the settlement is a full and final settlement of the debt, leaving the borrower without the burden of student loan debt going forward.
Contact a Skilled Student Loan Lawyer at McCarthy Law
The lawyers at McCarthy Law intimately understand the stress of student debt—especially for teachers struggling with private loans—and are dedicated to fighting for your financial freedom. To schedule a free consultation with a knowledgeable and experienced debt settlement professional, call our office at (855) 976-5777 or fill out our contact form today.