Student Loan Forgiveness

[Gbd19874]

 

Hello everyone,

Ive been doing a lot of research to find out whether or not there is a program that will forgive some of my student loans. If anyone has any input at all it would really be greatly appreciated. Here is some background info:

 

- I teach Mathematics at a private catholic school (not low income as far as I know) Affiliated with the archdiocese of NY

- I have been working there for 5 years

- I am a certified teacher through the NYC DOE (but I do not work for the Board of Education)

- My student loans were through Sallie Mae but I recently consolidated them through Wells Fargo.

- My husband DOES work for the NYC Department of Education at a school which was considered Title 1 last year (Im not sure if it is on the list this year). He does not have any student loans (my loans are our burden)

 

If there are ANY programs i can apply to that may forgive some of the balance please let me know. I have searched countless hours with no results

 

Thank you so much

[LynnInMN]

Your salliemae loans consolidated thru wells sound like private student loans. There are no provisions for private loans forgiveness or cancellation. Public service loan cancellation on applies to federal loans. I am not even sure if a religious private school would qualify under the federal program.

[hodap2001]

If you have Federal Student Loans, to qualify for Teacher Loan Forgiveness, you must teach in a high need field (STEM) (rated highly qualified by the school) in a low income school (Title I) - You must teach full-time for five complete and consecutive academic years to qualify. Are you financially prepared to teach at a Title I school? for TLF you can either have up to $5,000 or 17,500 in loan forgiveness if you qualify and you meet the requirements - for more detail visit studentaid.gov.

 

Lynn is correct, you would not qualify for public service loan forgiveness.

[Gbd19874]

Thank you. Yes that is the same information I was finding. I guess I will just have to continue paying $500 a month from now until 2044. Frustrating because I tried to get into the Board of Ed but there were no jobs which is why I work at a private school.

[LynnInMN]

Your loans are private, not federal loans. You would not have qualified for any forgivness even if you were teaching for the public system. The reason I know they are private is that Wells doesnt do federal consoldation...only private loan consolidation.

[hodap2001]

Wells Fargo did do loan consolidation under the FFELP program a long time ago..

[LynnInMN]

In the original post, they said they had consolidated recently.

[hodap2001]

Yes, your right I overlooked that. Thanks for catching it.

[Gbd19874]

Yes I consolidated in like June I do have some loans under a company named ACS. But it's such an insignificant amount compared to the Wells Fargo ones that I could probably have it paid off in like 5 years so I wouldn't even bother trying to get it forgiven