According to a study from the American Association of University Women (AAUW), U.S. women owe two-thirds of the nation’s student loan debt. As of February 2020, the total student loan debt was $1.6 trillion, this means women owe almost $1 trillion of the nation’s student loan debt!
Women ages 25 and older now account for more than half of the college-educated workforce. Women dominate many career fields, and not surprisingly, teaching is one of them. Over 77% of public school teachers are women and these women should definitely be taking advantage of student loan forgiveness programs, in particular, the Public Service Loan Forgiveness Program (PSLF). Under this program, student loans can be completely forgiven after 10 years.
To qualify, teachers must work full-time at a public school, have federally-backed student loans, be on an Income-Driven Repayment Plan, and make 120 on-time qualifying repayments
In the 2015-16 school year, teachers in public schools had on average about 14 years of experience and worked roughly 53 hours a week, with an estimated 92% of federal student loans, many teachers are already well on their way to qualifying for PSLF!
If you’re on an Income-Driven Repayment Plan you may already qualify! If you’re not, it is easy to enroll in the right plan for you. Through our Repayment Widget, you can compare plans side by side and enroll in a repayment plan that is in proportion to your monthly income, in other words… LOWER PAYMENTS… 78% of people who use our widget find a lower repayment plan and save $298 per month!) You can also use Chipper to view your current Income-Driven Repayment Plan or check to see if you’re on one.
Do you qualify?
Take our PSLF Quiz below to find out. As student loan experts, we will walk you through the entire process if you qualify. If don’t, we’ll help you get on track so you do. Teachers especially deserve student loan forgiveness. We have your back!