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United Aid Group Teacher Loan Forgiveness

Teachers rock. And weu2019re not just saying that. Educating future generations is a serious (and seriously awesome) task. Because teachers have such a vital purpose, it makes sense that they should have some perks. While a teacheru2019s salary isnu2019t always the most glorious, these deserving educators do catch a break when it comes to student loan forgiveness for teachers.

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United Aid Group Teacher Loan Forgiveness

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  1. United Aid Group Teacher Loan Forgiveness

  2. Teachers rock. And we’re not just saying that. Educating future generations is a serious (and seriously awesome) task. Because teachers have such a vital purpose, it makes sense that they should have some perks. While a teacher’s salary isn’t always the most glorious, these deserving educators do catch a break when it comes to student loan forgiveness for teachers. But here’s the thing about teacher loan forgiveness – it’s a tricky thing to navigate, with multiple options that have varying requirements. United Aid Group there are three main programs that the Department of Education offers specifically for teachers: Teacher Loan Forgiveness, Public Service Loan Forgiveness, and Perkins Loan Teacher Cancellation and Discharge. Other forgiveness options include Income-Driven Repayment Forgiveness and state-based loan repayment programs.

  3. Don’t get too worried about how to figure out which forgiveness option is best for you! We’ve put together a helpful guide to these student loan forgiveness options for teachers, complete with the pros and cons for each opportunity. • Let us hit you with some student loan forgiveness for teachers knowledge. • Teacher Loan Forgiveness Program

  4. If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, the Teacher Loan Forgiveness Program could be just what you need. • Depending on the subject area you teach, you could have either $5,000 or $17,500 in student loan debt forgiven. • You’ll need to be a highly qualified teacher to qualify for this program in United Aid Group. • What does a “highly qualified teacher” mean? The basic requirements to be a highly qualified teacher are that you have at least a bachelor’s degree; full state certification as a teacher; and not had your certification/licensure requirements waived on an emergency, temporary, or provisional basis. • There may be additional requirements depending on how new you are to the profession and what level of school you teach. • After you’ve completed the requirements (including the five consecutive years of teaching), you’ll need to complete the Teacher Loan Forgiveness Application and send it to your servicer(s). You will also need the chief administrative officer of your employer to complete the certification section of the application.

  5. Pros of Teacher Loan Forgiveness • Five years of teaching is a shorter time requirement compared to other forgiveness options. • If you meet all the qualifications, you could be eligible to have up to $17,500 of your Direct Subsidized and Unsubsidized Loans and your Federal Stafford Loans forgiven. • You can combine Teacher Loan Forgiveness with Public Service Loan Forgiveness or Income-Based Repayment Forgiveness. • There’s no fee to apply for Teacher Loan Forgiveness.

  6. If you succeed in having student loans forgiven under this program, the forgiven loan amounts will not be considered taxable by the IRS. • If you didn’t complete a full year of teaching, it may still be counted towards your five academic years, but only if it meets all the following requirements: • You finished at least half of the academic year. • Your employer deems that you’ve fulfilled your contract requirements for the academic year. • You couldn’t complete the academic year because you either: • Returned to postsecondary education in an area of study related to the performance of the teaching service described above. • Had a condition covered under the Family and Medical Leave Act of 1993. • Were ordered to active duty status for over 30 days as a member of a reserve component of the U.S. armed forces.

  7. Cons of Teacher Loan Forgiveness

  8. The requirements are strict and some teachers have had difficulty qualifying. If you don’t meet the definition of a highly qualified teacher or if you’re a teacher in a public school that isn’t considered low-income, you may not qualify. • It’s a less generous than the Public Service Loan Forgiveness Program as far as how much you can have forgiven. • This program does not offer forgiveness for all types of loans, including PLUS loans for parents and graduate/professional students and Perkins loans. • If you want to receive both Teacher Loan Forgiveness and PSLF, you won’t be able to receive them for the same period of teaching service. In other words, any monthly payments you make during the five years for Teacher Loan Forgiveness won’t count towards the required 120 monthly payments for PSLF. • Did you spend time teaching through AmeriCorps? Unfortunately, that time can’t be counted towards the five years required for this program.

  9. Reference Links • https://uagroup.org/ • https://www.facebook.com/UnitedAidGroup/ • https://uagroup.org/student-loan-forgiveness-refunds/ • https://www.zoominfo.com/c/united-aid-group/467380908

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