This is a loan forgiveness program for students, who meet certain requirements, and those who are not qualified for the federal loan forgiveness are not legible to get it, by consolidating the their loans students are helped to have easy way of repaying their loan, when the students consolidate their loans it helps them stretch their repayment terms from ten years to a maximum of thirty year, if this program is followed it makes a monthly impact on the cash flow of the students by making it to be low, for someone to qualify for the federal loan forgiveness he has to:
• Undertake voluntary work
• Execute military service
• Practice medicine in a given community
• The student has to meet other criteria specified by the forgiveness program
Some teachers can have a portion of their Federal Stafford loans forgiven through the Federal Loan Forgiveness Program for Teachers, there are other legibility criteria which has to be considered, and for the teachers to be legible for Stafford federal loan forgives the following has to be put in place
1. The teacher must have borrowed a Federal Family Education Loan (F.F.E.L) and/or a Federal Direct Stafford Loan,
2. The teacher must not have an outstanding balance on a F.F.E.L or Federal Direct loan as of October 1, 1998, or on the date that he/she obtained a F.F.E.L or Direct loan after
3. The teacher must have made satisfactory repayment arrangements on the defaulted loan, for which he /she want to be forgiven about,
4. Must have worked full-time as an expert in the teaching profession for at least five consecutive academic years, at an eligible number one, or be an elementary or secondary school teachers who were after the 1997-98 academic year that is number two or educational service agency falling in the categories of after 2007-08 academic year, and
5. The Must have worked in a school or educational service agency that is listed in the Teachers Loan Cancellation Low Income Directory.
Another thing that should be taken into account is the amount of money, which should be forgiven
• The teacher must be eligible for up to $5,000 in forgiveness if he/she meets the eligibility requirements, which have been discussed above.
• The teacher must have worked at an eligible elementary school or educational service agency and the chief administrative officer of the school certified that he/she demonstrated knowledge and teaching skills in reading, writing, mathematics, and other areas of the school's curriculum.
• The teacher worked at an eligible secondary school or educational service agency and the chief administrative officer of the school certified that he/she has taught in a subject area that is relevant to your academic major,
• A teacher is eligible for up to $17,500 in forgiveness if he/she has met the eligibility requirements mention above, and have taught, Mathematics or science at an eligible secondary school, or educational service agency.
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