It does, indeed. Being a teacher can be useful for you, as you can get a loan forgiveness, Which amount can be $17,000 or $5,000, depending on the subject area taught.
I have to ask, Do you have any loan under both the Direct Loan Program and the FFEL Program?
No, i don't have any loan under any of that.
No problem. Say, if i have a plus loan or that other one, Federal Perkins, i still can use forgiveness?
Sadly, that's a no. The Plus loans and Federal Perkins Loans are out for this forgiveness. However, you could still be eligible to cut down your Federal Perkins loan based on your employment or volunteer service.
Umm, that's a boomer. Oh, well. Returning to earlier question about how much could get for forgiveness, you said it could be up to $17,500, right? How do i qualify for that?
Are you a qualified full time mathematics or science teacher who taught students at the secondary school level?
Yeah, i was teaching science.
Excellent, then you can be eligible to get a forgiveness up to $17,500.
Nice, nice. Thanks for that info. Look, i have this doubt. Lets say i already have a loan but i fell on default. That would affect my chances for forgiveness?