Student Loan Options for Teachers
Federal Funding Benefits
To teach elementary and secondary education, you will need a bachelors degree. As an undergraduate, you'll most likely need funding for your four years of college courses. The U.S. government is the first place to begin your search.
Although I did not find any specialized loans for teachers, there are many repayment options. Therefore, your loans will consist mainly of the Federal Stafford Loans. If you have financial need, then a Perkins Loan or Unsubsidized Stafford Loan may be available to you. Your parents can take out a PLUS loan if you need extra assistance.
Private Bank Loans
Private banks have federal student loans available, and you may want to go through a bank if their benefits outweigh going directly through the Dept. of Education. Some of the more popular banks and organizations are Sallie Mae, Citibank, Wells Fargo, and Bank of America. Look at all of the features presented by each company and compare to your situation.
Another way to go is through state sponsored agencies and organizations. Check with your financial aid officer to find out how your state deals with federal loans and who the guarantors are.
Repaying Student Loans as a Teacher
As stated above, there are a few choices for teachers with loan repayment. If you go to certain areas of the country that have a teacher shortage, or other area that needs teachers on a specific subject, you qualify for these benefits. They include loan deferments, forbearances, reductions, and even cancellation.
Your situation depends on the benefits you received. No matter your situation, if you teach in the low income schools of the country, you will receive some forms of financial relief. Cancellation is heavily sought after. Perkins Loans are often cancelled. Stafford Loans have a limit depending on what type of teaching you do and what dates your loans were taken out. Speak with your financial aid advisor and the school principal for more.
