Teachers have multiple options in finacial aid when the cost of college starts to add up.
Future and current teachers can receive financial aid in the form of loan forgiveness or deferment, as well as grants or multiple scholarships. There is no limit to the number of scholarships or grants that you can receive under these programs. In most cases, service within a certain school district is required, which can be applied toward all of the available programs to receive the financial aid.
TEACH Grant
Teacher Education Assistance for College and Higher Education (TEACH) grants give full-time students up to $4,000 a year for both graduate and undergraduate programs if the future teacher agrees to teach full-time in a high-need subject area at a school that serves low-income families. The maximum amount that you can receive from a TEACH grant is $16,000 for undergraduate studies and $8,000 for graduate. If you are a part-time student, you can still receive the grant, but the amount you receive is based on the number of hours you attend school.
Loan Forgiveness
Teachers can cancel the debt from their Perkins loan if they agree to teach full-time in a high-need subject area at a low-income school for at least four years. The four years at the qualifying school can take place after your first four years of teaching, if you prefer to defer the service time. A portion of your Stafford loan debt can also be canceled if you teach full-time for five years at a low-income school. The loan forgiveness applies to FFEL Stafford loans, direct subsidized and unsubsidized loans and, in certain cases, consolidated loans.
Loan Deferment
Current teachers may be eligible for postponed or deferred Stafford loan payments for each year spent teaching in a teacher shortage area, as long as you took out the Stafford loan before July 1, 1993. Some loans procured after July 1, 1993 allow for a temporary deferment. If you had a Douglas Scholarship that was awarded in 1995 or 1996, you may reduce the required service time if you agree to teach in an area with teacher shortages.
Individual Scholarships
There are many scholarships available to individuals who are getting education degrees. Your scholarship eligibility depends on the state or region that you live in, your specific demographics and your future plans as an educator. Visit Teaching Tips or FastWeb to enter your specific information and get a list of scholarships. A few scholarships that are offered nationally to students pursuing education degrees include the Straightforward Media Teacher Scholarship, the National Board for Professional Teaching Standards Scholarship Fund, the Coca-Cola Foundation Teacher Scholarship and the Applegate/Jackson/Parks Future Teacher Scholarship.
Tags: four years, Stafford loan, teach full-time, Teacher Scholarship, agree teach, education degrees, full-time high-need