Sunday, February 14, 2010

Wiping out teachers' student loan debt - latimes.com

Wiping out teachers' student loan debt - latimes.com:

"Programs abound for educators who need help paying off their loans, but the requirements can be narrow and just finding them is a chore."

If you are a teacher in debt, there's good news and bad news.

There are literally dozens of programs that could potentially help wipe out your student loans. But most of them have narrow requirements that may lock you out.

Just ask Troy Dale, a high school counselor from Ellis, Kan. He and his wife have $23,000 in student loans that they've been paying down for nearly a decade. At their current rate, they'll still be paying off their student debts when their oldest child enrolls in college.

That realization sent Dale on a wide-ranging search to find some sort of debt forgiveness plan that could help his family. He found plenty of programs, including a national debt forgiveness program for public service workers and one specifically for schoolteachers.

But in each case, he missed the qualification standards by a fraction. To qualify, Dale and his wife, Jessica, would either have to teach different subjects or switch schools.

"It's really frustrating that there is just nothing out there for us," Dale said. "We're not exactly knocking the top of the roof off with our salaries."

Though Dale was frustrated, he did what every teacher and public service employee ought to do. He kept looking, said Edie Irons, communications director for the Institute for College Access and Success.