Loan Forgiveness for Teachers: A Push for the Public Schools

Teachers in the USA have played a key role in the building of a great nation since the inception of the Constitution. The oldest school in the USA, The Harvard University was established in 1636, and then it was called the New College. Since then, the culture of producing great teachers has never died down. However, in the recent years, the number of teachers willing to take up roles in public schools and colleges has fallen drastically. 

Most economists blame it on the lack of financial aid to the teachers who pass out their degree courses with an average loan debt of USD 27,350 or more. However, there is rather long-list of some highly respected and helpful Loan Forgiveness Programs for Teachers that have come to the rescue of the elite professionals.

Public schools are craving for teachers

According to the recent report on the number of teachers currently employed on full-time and part-time basis is projected to be around 3.1 million. There is 1 student for every 16 students in the US, and with the Loan Forgiveness programs for teachers spreading its wings, the ratio is likely to improve by fall of the year 2017. Comparing this number with the number of teachers involved in employment with the private institutions, the need for a financial aid and forgiveness system is clearly evident.

There are nearly 0.4 million full-time equivalent teachers in the private sector. However, the pupil/teacher ratio is superior to that of the government sector, at 12.2:1.

The onus lies on the Loan Forgiveness

There are close to 100,000 public schools in the USA, which includes around 7500 charter schools. However, given the number of teachers, it is clear that there is a huge dearth for quality teachers in the sector. There are 34,000 private schools, and most of them enjoy a healthy pupil to teacher ratio.

Competing against each other, it’s the teachers who are crushed between their loan debts and ambitions to upgrade their career. This is why Student Loan Forgiveness for Teachers holds the key today.

Forgiveness spectrum

A teacher can qualify for a loan forgiveness of up to $5000. For highly qualified teachers involved in teaching specialized subjects like Mathematics, Science, Physics, Biology, Political Science and Foreign Languages can earn a forgiveness of up to $17,500. However, the applicant for the Loan Forgiveness Schemes and Repayment benefits has to fulfill certain eligibility conditions related to employment duration, educational background and long-term commitments.

What should a newly qualified teacher do to earn quick forgiveness?

The US Department of Education (USDE) has identified the following shortfalls where large number of teachers are required on an urgent basis. They are:

• Career counseling and technical workshops
• Bilingual/ foreign language elementary schools
• Special education for physically disabled and autistic children
• Elderly schools

The applicant must have a Federal PERKINS student loan to qualify for the Student Loan Forgiveness for Teachers program.  Apart from formal forgiveness, the teachers are also eligible for relaxation and grants to repay towards the loans.