Has anyone ever done loan forgiveness (especially if you worked in NYC)

I think I am eligible because my school is considered "low incone" but I have to work in NYC for 5 years I have a ton of loans and it may be worth it...Not sure. Was looking to see if anyone did this. What the process was and is it hard to get approved

Message edited 12/4/2007 1:11:48 PM.

Re: Has anyone ever done loan forgiveness (especially if you worked in NYC)

There are a LOT of loopholes to the loan forgiveness program. You have to work 5 years, and you can't have student loans that occurred before a certain date (I can't remember the exact date, I'll try to find the info for you). That elminated me because I am a career changer and had earlier student loans.

I work in a district on LI that qualifies, and very few of the teachers were able to take advantage of the program.

Re: Has anyone ever done loan forgiveness (especially if you worked in NYC)

Teacher loan forgiveness


there is the link - DH is eligible after this year, i'll let you know how it goes!

Re: Has anyone ever done loan forgiveness (especially if you worked in NYC)

Kathleen, ask if your school participates in the Teachers of Tomorrow program. I don't even know if it still exists, but it was a program to get qualified teachers into underperforming schools. When I worked in city during the 2004-2005 school year, my school was considered a SURR school. every teacher in the building got $4,000 a year for a maximum of 4 years. i only stayed there for a year, but did put that big check towards my loans.. .they took no taxes out of it.

My payroll secretary told me about it and generated the paperwork for me. one girl i worked with didnt' have loans (must be nice!) but still got the check. she went on vacations every summer using the money... so essentially, it was an extra check that you did whatever you wanted to with it. i put it towards my loans.

Re: Has anyone ever done loan forgiveness (especially if you worked in NYC)

I did it for one of my loans since my school was on the designated list..call your school's financial aid office and ask them if it can be back dated..i think mine was..and i only have one year left..if i leave NYC, i might just pay what's left! It was for a Perkin's loan

Re: Has anyone ever done loan forgiveness (especially if you worked in NYC)

Im going to be doing this in Feb because thats when my 5 years are up. i hope everything works smoothly and they take it right off.