Every year Texas
Education Agency (TEA) transmits a record of areas where the teachers are
lacking especially on areas, which has low - income collages to the U.S.
Department of Education (U.S.D.E). Instructors with certain types of student
education loans may be eligible for a partially bank financial loan forgiveness
for teachers, deferment or termination advantages. Eligibility for these
advantages depends upon the interest rate the teacher has, the date of his/her
bank financial loan, and whether the teacher has assists in a specific
low-income university or the teacher lack area in which he/she should work in.
Designated low-income colleges are those with greater than 30% of signed up
students from low-income family members in regions that are qualified for
Headline I funds. The financially deprived position of an excellent does not
ensure eligibility- please check to make sure your university is eligible
A teacher may apply
for all the four programs if the balance of their unpaid federal student loans
exceeds the forgiveness amount and if they meet the requirements. Moreover,
Private loans are not eligible. For the teacher who fall under the Funding for
2011-2912 serving period this is an important notice, the State had a budget
shortfall presented an extraordinary task for the 82 Texas Legislature, this
resulted into the removal of the funding for many programs and other
significance removal, the Teachers Education Loan Repayment Program, which is
funded at approximately $ 11.5 million for the 2010-2011 biannual, this was
funded at $ 1 million for the 2012-2013 biannual which represent 9% decrease in
funding and only renewed applications will be allowed for the next remaining
two years and enough funding will be provided to help in repaying to all the
legible teachers submitting the renewal for applications. In addition, the
information concerning the process and the priority of acceptance application
for the renewals are to be posted on the website page of the Students Loan
forgiveness for teachers.
The requirements
for one to be legible for this loan include;
· One must not have
had any outstanding balance on a Federal Family Education Loan Program
(F.F.E.L.P) or Federal Direct Loan Program (F.D.L.P) loan as of October 1,
1998, or on the date, you obtained a F.F.E.L.P or F.D.L.P loan after October 1,
1998.
· One must have
been employed as a full-time teacher for five complete, consecutive academic
years at a qualifying location (effective for teacher loan forgiveness
applications received on or after August 14, 2008) or a low-income eligible
school. An eligible school is considered "low-income" according to
certain criteria for funding under Title I of the Elementary and Secondary
Education Act and is listed in the Annual Directory of Designated Low-Income
Schools for Teacher Cancellation Benefits. At least 30 percent of an eligible
school's enrolled students must qualify for services provided under Title. If
the school where you performed your teaching service meets the criteria of an
eligible school for any year of your employment, that year and all subsequent
years of service at that school continue to qualify you for forgiveness - even
if the school is no longer eligible. However, if the school where you performed
your teaching service meets the eligibility criteria of an eligible school
after you have started your service, you
In addition to
meeting the general eligibility requirements for teachers loan forgiveness, you
must also obtain certification from your school's chief administrative officer
(usually your principal, assistant principal, or district superintendent) or
the chief administrative officer of your educational service agency (effective
for teacher loan forgiveness applications received on or after August 14, 2008)
that you meet the requirements outlined in one of the charts below. Each chart
provides the maximum amount of loan forgiveness for which borrowers meeting
each set of requirements are eligible.
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