| The average teaching student graduates with over | | | | under the Individuals with Disabilities Education Act |
| $18,000.00 in student loan debt. After interest is added | | | | (IDEA), or |
| you could be paying a total of almost $40,000.00, so it | | | | - a full-time teacher of math, science, foreign |
| is extremely important to make sure you are getting | | | | languages, bilingual education, or other fields determined |
| the best deal possible with your loan consolidation. You | | | | to have a shortage by the state educational agency. |
| will probably have both federal and private loans but | | | | The Perkins forgiveness loan is forgiven based on the |
| for this article we will be dealing with only your federal | | | | following scheduled: |
| loans. | | | | For full-time teacher |
| Grace period - | | | | - 15% for each of years one and two |
| One of the benefits to a federal student loan is you | | | | - 20% for each of years three and four |
| don't have to start making payments until 6 months | | | | - 30% for year five and each successive year |
| after graduation. Perkins loans have a 9 month grace | | | | For full-time special education teacher |
| period. You do still gather interest during this time on | | | | - 15% for each year of service |
| your unsubsidized loans so you may want to go | | | | Perkins loans are not eligible for forgiveness if they |
| ahead and start making payments anyway. | | | | have been consolidated. |
| Forgiveness - | | | | In addition you may be eligible for forgiveness by state. |
| There are a couple programs that offer student loan | | | | Check for the availability in your state here. |
| forgiveness for teachers. With the Stafford Loan | | | | Consolidation - |
| Forgiveness program you could be eligible for up to | | | | Once you have decided if you will be eligible for |
| $5000.00 in forgiveness and up to $17,500.00 if you | | | | forgiveness or not it's time to start making those |
| meet certain requirements such as teaching math, | | | | payments. A federal student loan consolidation can |
| science or special ed to low income students. Eligibility | | | | help you do that more affordably by extending your |
| doesn't start until you have taught for 5 years, and | | | | repayment term and lowering your payment and |
| there are other requirements such as - | | | | interest rate. Compare the terms of several |
| - You must not have had active student loans on Oct | | | | consolidation companies and choose the one who will |
| 1, 1998. | | | | save you the most money and has the best customer |
| - Your must be employed for 5 consecutive complete | | | | service. It can be hard to compare different types of |
| years and your school must have been designated a | | | | repayment incentives programs so ask for the bottom |
| low income school at least the first year you taught | | | | line - how much will you be paying in total interest. The |
| there. | | | | company should have actual people available to |
| - You are not in default on the loans you are seeking | | | | answer your questions and they should be courteous |
| forgiveness for. | | | | and knowledgeable. You have many choices in lenders |
| Consolidation will not affect the right to forgiveness for | | | | pick one that will deliver for you. |
| Stafford loans. | | | | You must give up what is left of your grace period |
| The Perkins forgiveness program will forgive up to | | | | when you consolidate so if you aren't ready to start |
| 100%of your loan if you are: | | | | making the payments time it so your consolidation is |
| - a full-time teacher employed in public or nonprofit | | | | funded right at the end. Generally a consolidation takes |
| elementary or secondary schools in districts eligible for | | | | 4-6 weeks so you should have your company picked |
| ESEA Title I-A funding, where the percentage of | | | | out and an application underway by about 4 months |
| children from low-income families enrolled in the school | | | | after graduation.. |
| exceeds 30% of total enrollment, or | | | | Repaying your student loans can be a daunting task |
| - a full-time special education teacher in public or | | | | but with a little forgiveness and the help of a good |
| nonprofit elementary or secondary schools (including | | | | student loan advisor we can take some of the sting |
| teachers of infants and toddlers) or qualifies | | | | out of it. |
| professional providers of early intervention services | | | | |