
The SC Teacher Loan Application is a program designed to provide financial assistance and forgiveness to South Carolina teachers. It's a great resource for those in the education field who are struggling with student loan debt.
Eligible teachers can borrow up to $10,000 in state-funded loans at a 0% interest rate. This loan is specifically for teachers who are employed in a public school district.
To qualify, teachers must be employed in a public school district and have a minimum of 4 years of teaching experience. They must also be willing to commit to teaching in the state for at least 5 years.
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Teacher Forgiveness Options
If you're a South Carolina teacher looking to get your loans forgiven, you're in luck. Public Service Loan Forgiveness is an option for teachers who work full-time in public education, early childhood, or childcare, and make payments on their Direct loans for 10 years.
To qualify, your loans have to be Direct loans, and you must work for a qualified employer. You can visit the Federal Student Aid website to learn more and see if you qualify.
On a similar theme: Public Service Loan Forgiveness Application
Teachers in low-income schools or high-needs subjects can also get loan forgiveness through the Teacher Loan Forgiveness program. Highly qualified special education, math, and science teachers can get up to $17,500 of their federal loans canceled, while other teachers can qualify for up to $5,000.
Here are the requirements for the Teacher Loan Forgiveness program:
- Teach for five years in a qualifying school
- Teach full-time for five years in a row
- Have a Direct Loan or Federal Family Education Loan Program loan
Forgiveness of Federal Direct Balance After 120 Payments
If you're a teacher with federal Direct loans, you're in luck - you might be eligible for forgiveness after 120 payments or about ten years. This is through the Public Service Loan Forgiveness program, which rewards people in public service careers, including teaching.
To qualify, you must work full-time for a qualified employer, like in public education, early childhood, or childcare. Even some non-profits count! Your loans have to be Direct loans to qualify for Public Service Loan Forgiveness, and these are federal loans offered by the U.S. Department of Education.
You can visit the Federal Student Aid website to learn more and see if you qualify for loan forgiveness through the Public Service Loan Forgiveness Program.
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Forgiveness Options for Teachers
There are several forgiveness options for teachers, and the requirements vary depending on the program. To receive loan forgiveness, you'll generally commit to teaching for a certain number of years, or in a certain subject or type of school.
The Public Service Loan Forgiveness program rewards people in public service careers, including teachers, with forgiveness of their federal Direct loans balance after 120 payments or about ten years.
You can qualify for the Public Service Loan Forgiveness program if you work full-time for a qualified employer, like in public education, early childhood, or childcare, and your loans have to be Direct loans.
To qualify for the Teacher Loan Forgiveness program, you have to teach for five years in a qualifying school, usually low-income or high-needs, and teach full-time for five years in a row.
Teachers in South Carolina can also benefit from state-sponsored loan forgiveness programs, such as the South Carolina Teaching Fellowship and the South Carolina Student Loan program.
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Here are some key forgiveness options for teachers in South Carolina:
These programs have specific eligibility criteria, such as meeting minimum academic standards, attending an accredited school, and presenting solid plans for your education as a teacher.
Financial Assistance for Teachers
If you're a teacher in South Carolina, there are loan forgiveness options available to help you out. The South Carolina Teaching Fellowship provides up to $24,000 in forgivable student loans to aspiring teachers.
You can receive this award for four years, with $6,000 per year, and in return, you'll commit to teaching in South Carolina public schools for one year for each year you receive the Fellowship award. Visit TeachSC's Teaching Fellowship Page for more information.
South Carolina also has the South Carolina Student Loan program, which is for teachers who commit to teaching in a shortage subject area or a high-needs geographic area in SC public schools. This program can wipe out up to $5,000 of your loans for each year you teach.
If you're eligible for the Student Loan program, you can get up to $5,000 of your loans wiped out for each year you teach.
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Sources
- https://southcarolina.teach.org/articles/loan-forgiveness-SC
- https://www.fmarion.edu/financialassistance/loaninformation/sctl/
- https://www.erskine.edu/admissions-aid/financial-aid/loan-and-debt-management/state-loan-programs/
- https://www.petersons.com/scholarship/south-carolina-teacher-loan-forgiveness-111_151641.aspx
- https://www.collegescholarships.org/loans/state/south-carolina.htm
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