Student loan forgiveness programs have extensive eligibility requirements and application instructions. Each year, thousands of people fail to get forgiveness because they make technical mistakes in applying or misinterpreting the eligibility conditions. Hence, debtors should get expert help to consult each step in the debt elimination process.
Besides, specialists in this field can help borrowers to to apply. If you have Perkins loans, you can be eligible for multiple forgiveness programs . Therefore, choosing the right one that fits your specifications and brings the most benefit demands previous experience in the field, in-depth knowledge on loans, and analytical skills to evaluate the risks and advantages. If you need a guide in the application, or have questions about the programs presented here, you can contact us anytime.
Perkins Loans Cancellation
This student aid program can help borrowers to get up to 100% reduction for their Perkins loans. According to the eligibility requirements, debtors who serve full time in a public or nonprofit elementary and secondary schools can qualify for the cancellation. However, teachers in postsecondary schools are not eligible to benefit from this program.
Besides, the specifications of teachers also matter. Perkins loans program aimed to assist people with low incomes. Similarly, student loan cancellation considers the welfare of poor people. If a borrower teaches in school, which deals with children of low-income families, then the debtor is eligible for the cancellation. Another possible case happens when a borrower teaches children of all ages with disabilities. Alternatively, if a borrower serves in a state with a shortage of teachers in a particular subject, he/she can apply for the cancellation. What should be kept in mind is that the duties that qualify the borrower should be noted in the job description. Moreover, the teacher should have an employment contract directly with the school.
Eligibility in Details
The condition of being a teacher sounds simple, but there exist many details to consider. Borrowers do not need to have any license or certificate to apply to this Perkins loan forgiveness program. However, the school- whether elementary or secondary- should have a full-time contract with the borrower. A debtor is only eligible is he/she provides direct educational service to imperative link the students. This requirement has both positive and negative sides.
On the one hand, professions that do not teach but deal with students, such as a librarian or a guidance counselor, can still be eligible because they are educational service parts. On the other hand, researchers, supervisors, or curriculum specialists cannot apply to this program even though they are working full time in a school. As they do not provide direct educational service, they are not qualified for this Perkins loan forgiveness program.
Duration of Service
Perkins loans cancellation program reduces some portion of the student debt per year. Hence, a teacher needs to complete a full academic year working full time to enjoy the benefit. Luckily, there is no exact requirement for a teacher’s daily mandatory work hours to be considered full-time. The work hours depend on employing school. As long as a teacher has a full-time contract, there will not emerge problems to benefit from this forgiveness program.
Besides, debtors can work in two different schools for a year. The primary condition is that their service should be consecutive without the summer holidays. Another case happens when a teacher simultaneously works in two or more schools as a part-time professional. In this case, the debtor is still eligible for the cancellation because the sum of the total service qualifies for the full-time requirement. However, borrowers should convince one of their employers, schools, to certify that they are working full-time in an academic year.
