This post was written by one of Chipper’s ambassadors, Meleah Campbell, from Meleah Campbell Teach.
“Did you know that the average student loan debt for teachers who have a Master’s degree is around $50,000? Did you also know that teachers can qualify for two student loan programs? With the average public school teacher salary being about $62,000, student loan forgiveness is definitely something worth exploring!
If you’re like me, the only option you had to attend university was to take out student loans. As of recently I am starting to become more financially savvy and that’s why I was excited when I learned that part of my student loans could be forgiven. When Chipper contacted me, I was happy to learn about programs that could help teachers with student loan forgiveness. I’ll be honest, at first I thought it was too good to be true, but after a video conference, Jessica, a Chipper Concierge, showed me how I am on track to have $5,000 worth of loans forgiven through the Teacher Loan Forgiveness program. Chipper can show you what forgiveness program is best for you too! There are various requirements for different loan forgiveness programs including the Teacher Loan Forgiveness Program and the Public Service Loan Forgiveness Program and I urge you all to explore which option is best for you with Chipper.
The Teacher Loan Forgiveness Program is best if you owe less than $30,000 and have already made the required 5 years of consecutive payments. This program indicates that if you are a full-time teacher at a Title 1 school, you may be eligible for $5,000 or $17,500 off of your student loans.
Public Service Loan Forgiveness Program is an option if you owe more than $30,000. After 120 qualifying payments you may be eligible for complete student loan forgiveness! You can also cap your required monthly payments based on your monthly income. This program is available to all public service employees, not just teachers.
Be sure to consult with a Chipper Concierge to see which student loan forgiveness program might be best for you and be sure to use the code: mscampbellteach25 for 25% off your Chipper Concierge service!”
The #1 reason for PSLF denial is misinformation... ineligible loans, incorrectly filed forms, and not meeting all of the requirements for the PSLF program are the consequences of misinformation. If you think you’re on the right path toward forgiveness, I would challenge you to read through each section of this blog to make sure you really are. When it comes time to apply, make sure you’re approved for the forgiveness you deserve!
Qualifying for the Public Service Loan Forgiveness program requires long-term investment and commitment. However, once you complete your 120 qualifying payments, it is pretty straightforward from there to get your student debt forgiven. Make sure to follow the instructions in this blog and if you’re ever confused by which repayment plan is best for you, when to recertify your income, how to fill out the Employment Certification Form, we’re here for you!