Education plays an important role and new teachers are always in demand. For students that decide to get a degree in education, there are several incentives in many areas or locations where the need for teachers is critical. Frequently, the teaching student loans available are often acquired through state funded programs. For any college or university education, the first place most students look to find student loans are federal Stafford loans. Unfortunately, these loans do not usually cover the four years it takes to get a bachelor degree. To cover the cost of a teaching degree, students will need to find alternative lending sources.
One of the biggest and most popular student lenders in the United States is Sallie Mae. Other popular loan sources include Wells Fargo, Bank of America and Citibank. All of these organizations have student loan programs and for students seeking a teaching degree, the lenders will usually make concessions. There are also several opportunities with state sponsored organizations and agencies and many of these lenders will exchange teaching service for loan forgiveness. The reason for this is that there are many rural, urban, low income areas in desperate need of teachers. Individuals that finish college, become teachers, and agree to work for a specific time in specific areas or cities will have a certain percentage or amount of their teaching student loans forgiven. A good source with more information is the Federal Student Aid website.
In areas or states that are desperately seeking teachers, graduates may be offered different choices such as complete loan cancellation, loan reductions, forbearances or deferment of payments. In order to receive benefits such as these, teachers will be required to sign contracts agreeing to work in places that urgently require teachers. Every contract and agreement is different and depends upon the area, length of time agreed to spend at that specific location, and other conditions. Certain areas that require teachers for a specific subject also qualify for benefits. Regardless of your situation, if you agree to teach in low-income schools, there may be financial relief. For more information visit the American Education System website.