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Programs offer student debt forgiveness for teachers, though others may look at debt consolidation
By Peggy Stillwell on Feb 15th, 2010
Some teachers may have gone into a life of service only to find that they are serving their debt obligations, though some of these consumers do have programs available to them.
In a recent column for the Los Angeles Times, finance writer Kathy Kristof noted that one such program is public service debt forgiveness. This allows people to have their debt forgiven after then years as long as they've worked in a position of public service and have been paying down what they owe during that time.
"You must pay on your loans for 10 years while working in a qualifying profession," Kristof wrote. "If you quit your qualifying job at nine years and 11 months, you're out of luck."
Other options include the cancellation of Federal Perkins loans through a program that will pay them off, provided teachers work in a low-income district or with disabled students. There is also the option of getting Stafford loans forgiven, which follow guidelines that are comparable to the Perkins loan program.
Of course, not every teacher will be able to qualify for these programs. Consumers who are facing difficulties with their student loans may be able to pursue debt consolidation. However, they need to keep in mind that privately and publicly originated loans have to be consolidated separately.
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