Title I Loan Forgiveness and TEACH Grant Programs
How can I find more information about the scholarship programs available?
Scholarships depend on your degree type, education level you are seeking, amount of time teaching, and the programs that fit you the best. You can search the internet for private scholarships or ask your school what scholarships you may qualify for. Talking to an enrollment counselor is also one of the best ways to discover and narrow your options for scholarships down.
Should I consolidate my student loans if I qualify for Title I Teacher Loan Forgiveness?
If you have a Direct Subsidized, Direct Unsubsidized and Federal Consolidation loans you may still be eligible for Title I Loan Forgiveness; however, it is always advisable to discuss your options with your lender before consolidating. You can find out who your lender is here: http://www.nslds.ed.gov/nslds_SA.
Which teachers qualify for Title I Loan Forgiveness?
Teachers who teach full-time for five years in a row in either elementary or secondary schools that serve low-income families are eligible for $5,000 in loan forgiveness. Those teachers who work as a qualified math, science, or special needs teacher in a Title I School are eligible for $17,500.
Additionally you can apply for a Stafford Loan. You will need your tax return from the previous year as well as your driver license in order to fill out the FAFSA (Free Application for Federal Student Aid) applicaiton. Once your FAFSA is processed, the school will review it and will let you know about your eligibility for the loan program. Often times you should be assigned to a financial aid advisor once you begin the program to help you solve financial questions throughout the course of the program. You must have five years of teaching experience to qualify and not have had any outstanding loan balance on a Direct or FFEL Program as of October 1, 1998.
Will my income or credit affect the chances of qualifying for Stafford Loans?
Your income and/or credit may have some effect in certain cases. You may be ineligible if you are in default on a subsidized or unsubsidized loan. The advisor assigned to you should be able to answer your questions while addressing your specific case.
What is a Pell Grant? How is it received?
A Federal Pell Grant, unlike a regular loan, will not have to be repaid. Pell Grants are usually awarded to undergraduate students who have not earned a bachelor's degree or other degree yet.
To receive the grant you must fill out a FAFSA and meet all of the requirements for receiving the grant.
What is the TEACH Grant Program?
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (T.E.A.C.H.) Grant program that provides grants for as much as $4,000 per year to those students who intend to teach in an elementary or secondary school that serves students from low-income families. If you wish to learn more about the TEACH Grant Program, contact the financial aid office at the college where you are/will be enrolled.
What is necessary to receive a TEACH Grant?
In exchange for receiving a TEACH Grant, you will have to agree to serve as a teacher, in a needed area, and in a school that services low-income students. You must teach for at least 4 academic years within a total of eight years of finishing the program of study for which you received the grant.
To receive a TEACH Grant you must:
- Complete the Free Application for Federal Student Aid (FAFSA).
- Be a citizen of the U.S. or an eligible non-citizen.
- Already be enrolled as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institute that has decided to be part of the TEACH Grant Program.
- Be enrolled in the course-work that is required to start a career as a teacher or plan to complete such coursework.
- Meet the achievement requirements. Scoring at or above the 75th percentile on college admissions tests or maintaining a GPA of at least 3.25 will usually suffice.
- Sign the TEACH Grant "Agreement to Serve".
Do TEACH Grants need to be repaid?
If you receive a TEACH Grant and do not complete the mandatory teaching service you will need to repay the grant as a Federal Direct Unsubsidized Stafford Loan.