Federal Perkins Loan Questions...

[CBRorBust]

Okay, I'm sure there has to be at least one college graduate that has gotten a FPL on these boards.

Here's my questions.

I'm majoring in Education to become a Teacher. A friend of mine was telling me that If you agree to teach in a school that is in need, they will REPAY the loan FOR YOU?

Is this true??? If so, how long do you have to teach in this school district. The only thing I am worried about is what if I do this, qualify, graduate, work for X amount of years, but not the full term. (if it's 5 years, and I only do 3 years and then I get pregnant or something and decide to stay at home) What happens then?

Any And ALL info on this loan would be much appreciated!!

Also, how hard is it to qualify for this loan. My Parents are not struggling, but they are only paying for 1/2 my tuition. So...that makes me need the loan for my 1/2. The Disney Store doesn't pay that much!

 

[janette]

Bumping for you. I've heard of that type of program but don't know much about it.

 

[mlcar]

Your info is correct. I have the web address at work that gives all the specifics. Federal Perkins and Stafford loans qualify for the forgiveness program. But, you'll have to wait til Monday for the info.

 

[CarolA]

I have heard of these loans. However, as I recall the areas you have to teach in are pretty restricted. So the first step is to see if you would even consider teaching in those areas. (For some reason, rural comes to mind!) I would call your school fiancial aid office.

 

[CarolA]

From the web site:


http://www.ed.gov/offices/OSFAP/Students/repayment/teachers/

To be eligible for Perkins teaching cancellation, you must be teaching full-time at a low-income school as determined by the State Education Agency. To be considered a "low-income school", the school must be in a school district that qualified for funds-in the year for which the cancellation is sought-under Title I of the Elementary and Secondary Education Act of 1965, as amended. The school also must have more than 30% of its enrolled children counted in the Title I funding formula. To find out if the school that employs you is classified as a low income school, you can check our online database for the year(s) that you have been employed as a teacher. Usually, you will want to check the database for the most recent years in which you taught at the school. Questions about the inclusion or omission of a particular school should be directed to the State Education Agency contact in the state where the school is located and not to the U.S. Department of Education.

 

[CBRorBust]

That is so awesome!

Thanks You guys! Every Elementary School in our School District is on this list. I think it's because of the proximity to such large cities and the vast amount of minorities in the area.


Thanks Again!!