Teaching Student Loans

Education is important, and there will always be a need for more teachers. However, in some areas, the need is dire, and there are a number of incentives for those who choose to obtain a degree in education. Specialized teaching student loans are available to those who are willing to meet the need for teachers, with specific stipulations for the disbursement of funds. Often, the loans you'll find for many education degrees are actually available through state-funded programs.

While federal Stafford Loans should be the first place to find funding for any college education, the loans provided are not likely to cover the four years of education required to earn a bachelor's degree in addition to becoming a teacher. Instead, you'll have to look to alternative lending sources for teaching student loans. You may find opportunities with state-sponsored agencies and organizations, many of which will provide loan forgiveness in exchange for service. One thing to remember is that there are a number of urban and rural areas where the need for teachers is great, and individuals who agree to teach for a certain period of time in these areas will often have certain percentages of their loans forgiven.

When it comes time to repay teaching student loans, look into areas of the country in great need of teachers. Programs such as Teach for America and American Education Services offer assistance with existing student loans. In the areas with the highest need for teachers, you should find options for deferment of payment, forbearances, reductions, and even complete cancellation. To gain such benefits, you will likely need to sign a contract to work in a low-income school.

Depending on the actual location and the length of time you spend at the location, you may receive a break that could be equivalent of a year's tuition in exchange for a year's teaching services. Perkins Loans will typically be cancelled, requiring no repayment, and Stafford Loans may be reduced or cancelled at times, pending certain limitations.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.