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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 such a need, with specifically provided stipulations for the disbursement of such funds in some cases. Often, the loans you'll find for such purposes are actually available through state funded programs.

While federal Stafford Loans are 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 degree and become a teacher. Instead, you'll have to look to alternative lending sources for teaching student loans.

Some of the most popular sources of such funding are Sallie Mae (probably the largest student lender in the country), Citibank, Bank of America, and Wells Fargo. Each of these organizations carries a special student loan program and can make further concessions for individuals seeking a degree in education. You may also find opportunities with state sponsored agencies and organizations. Many of these will provide loan forgiveness in exchange for service. Remember, 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 cities, areas, or neighborhoods will 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. In these states, you'll find options for deferment of payment, forbearances, reductions, and even complete cancellation. In order to gain such benefits, you will 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 will receive a break that could be equivalent of up to an entire year's tuition expense for a year's teaching services. Perkins Loans will typically be cancelled, requiring no repayment, and Stafford Loans will be reduced or cancelled at times, pending certain limitations. Check with your private lender for other policies.

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.