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Loan Forgiveness for School Counselors

3/14/2016

 
Federal Loan Forgiveness for School Counselors www.counselorup.com
You finally finished grad school and find your first job. Everything is going great and then you get your first student loan payment. Womp Womp. Educators are certainly pretty low on the salary totem pole and yet we are required as school counselors to hold a masters degree. Luckily, there are a few programs that might help you out. 

Before we get started, you need to know what type of loans you have: private, federal, Perkins, Stafford, etc. It's also helpful to know how many payments you've made and whether you school is classified as a low-income school.

Public Service Loan Forgiveness

The Public Service Loan Forgiveness is probably the most well known loan forgiveness program. In this program, you make 120 payments on your loan and then the remaining balance is forgiven. It covers a broad range of loan types and is especially good for people who couldn't make their full loan payments and participated in something like anIncome-Based Plan (a plan where you make smaller payments capped at 10-15% of your income) so that they have a balance after 10 years. This program is available for public employees and 501(c)(3) non-profit employees.

Teacher Cancellation

The teacher cancellation program is for those who have Perkins Loans (for low income students). All kinds of school personnel, including school counselors, can have their loans cancelled through this program. The program cancels a portion of your loan for each year that you work in a low-income school or a non-profit private school, up to 100 percent.
  • 15 percent canceled per year for the first and second years of service
  • 20 percent canceled for the third and fourth years
  • 30 percent canceled for the fifth year

Teacher Loan Forgiveness

Teacher Loan Forgiveness does not include school counselors in their definition of teacher (oh, politics), however, I am including in case you might have been a teacher before you became a school counselor. There are parameters on the type of loan you can have and the years that you received the loan but can add up to $17,500 in loans cancelled. You can check out the website here.
So there it is! Rules and availability of funds change quickly so make sure to check out studentaid.ed.gov for the latest. If it seems overwhelming, it can be helpful to contact the Student Aid number, email, or chat to talk about your situation. I have heard that they are very helpful!

Good luck in your pursuit of student loan peace and...
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Brian C. Bradley
3/7/2017 03:18:20 pm

I'd like an application for Public Service Loan Forgiveness for school counselors.
Please email me the information/application to: [email protected] or [email protected]

Thank you.

Rebecca Atkins
3/7/2017 04:24:47 pm

Hi Brian, I suggest checking out the .gov websites to get the latest forms from the Feds. Best of luck!

Lisa
7/31/2017 08:53:27 pm

I was wondering if there is another website to identify low-income schools, the link on this page isn't working.
Thanks,
Lisa

Rebecca Atkins
8/1/2017 06:56:03 am

Hi Lisa! The link is working on this end, perhaps try it again. It's called the "teacher cancellation low income directory" if you want to google it :)

Stacey Cooper
12/19/2017 01:50:50 pm

Do you have a link to more information on teacher cancellation? All I have been able to find is teacher forgiveness, which does not apply to school counselors.

Rebecca Atkins
12/19/2017 02:04:24 pm

Hi Stacey! I recommend calling the 800 number. They are very helpful and can help you navigate the complexities.

vickie daley
6/21/2019 01:27:09 pm

I work at a private facility. It seems we are not incuded in thesed programs. Am i mistaken? Do you have a suggestion?

Rebecca Atkins
6/25/2019 06:42:50 am

Hi Vickie, I would call the number on the https://studentaid.ed.gov/sa/ website.

Barbara J Smith
11/30/2020 09:07:55 am

I work at a prison with title 1 students

Debra O link
2/28/2021 04:03:29 am

Thanks great poost

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5/11/2024 12:22:16 pm

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    Rebecca Atkins

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