Erase federal loans by teaching in inner-city schools?

Question

I've heard of a program that erases the federal loans for recent college graduates who opt to teach for a year at an inner-city school, but I don't know any of the details or even if it exists.

Does anyone know if such a program exists, or where I can find more information?

Just trying to do a little preliminary research on it, but haven't been able to find anything yet...

Answer 1

This program does exist. Speak to your lender. If you teach in a school on their urban, low income list and/or if you teach in a shortage area like special ed or math, you can get up to 17,500 of your federal loans forgiven. You have to teach in such a school for at least 5 years. I'm trying to do the same thing.

Answer 2

It's called a TEACH grant, it's new. You either have to go to a teaching college that sponsors the program (you'd get $4000 in  grants per year while in school for a teaching certificate), or you have your loans cancelled.  

You can't teach in schools till you get a teaching certificate, so ask a few colleges that offer that certificate if they do the TEACH grants.

AmeriCorps also has a similar program but you don't need to teach, they have tons of different programs. Also the Peace Corps.

Answer 3

I did this many years ago when I was in college and I highly recommend it.   You have to get a special kind of federally-funded loan called a Perkins Loan.   When I participated in the program, each year you taught at an underprivileged school you would get a year's worth of your loan cancelled.

Answer 4

This should be what you are looking for:

http://studentaid.ed.gov/PORTALSWebApp/s...

enjoy!