I am currently a senior in college, graduating in May of 2007 with 2 majors and a minor, all of which focus on teaching in secondary schools (English, Spanish, and English Language Learners). I am wondering whether or not the College Cost Reduction Act will actually benefit me at all, or if I am just incredibly unlucky to have gone to school (and racked up around $25,000 in loans) before the Act was passed. Thank you!
2007-09-27 12:16:32 · 2 answers · asked by Misty Dawn 2 in Education & Reference ➔ Financial Aid
There are programs out there for teachers on student loan forgiveness if you teach in certain areas. This act confirmed it if you commit to working in high demand areas or low income. It promised to cut down the student loan payments to 15% of a person's discretionary income. I have included some links for further information on the subject. Good luck!
2007-09-27 12:27:20 · answer #1 · answered by dawncs 7 · 0⤊ 0⤋
The fact that you said secondary schools is a very good thing. After teaching in your profession for 10 years, if you still have debts then the debts will be gone. Vanished. This applies to any job involving government such as policemen, teachers, etc.
The act beats the heck out of interest rates too, I don't think you can get them though.
BTW $25k isn't bad. Some people have it a lot worse than you do. Some people take out an additional 10k in bank loans, so some people end up with 60k in loans...
2007-09-27 16:01:35 · answer #2 · answered by HoHosareSICK 5 · 0⤊ 0⤋