Most SLPs are swimming in the sea of debt. The debt we had to incur in order to achieve our dreams of becoming Speech-Language Pathologists (SLPs).
If you’re a school-based SLP working directly for a school district, you may be eligible for loan forgiveness.
With that being said, I am NOT an expert. I am NOT a financial planner. But, I AM a SLP who is looking for ways to assist with repayment of hefty doctoral loans.
My first blog post on how I received the $17,500 loan forgiveness for highly qualified special educators has received a lot of attention. However, I think it’s important to know that there is another type of loan forgiveness out there and you need to be sure you know your options, how to qualify, and to be your own best advocate.
Be aware of when your loans were first borrowed and what the restrictions are for both of these loan forgiveness plans. Unfortunately for some, you may have taken out loans prior to the date in which loan forgiveness is provided.
It is vital that you know how much your loans amount to (I’m sure you already do!) and what your repayments options are. Many years ago there was only the option of a 10 year standard repayment plan. Now, with increased interest rates, there are several options for repayment including extending the years to 20 or 25 depending on the type of payment plan.
Besides the standard repayment you can:
- Graduated Repayment Plan-
- Up to 10 years
- Payments are lower at first and then increase, usually every 2-3 years
- Extended Repayment Plan-
- Up to 25 years
- Payments may be fixed or graduated
- Income Based Repayment-
- Up to 25 years
- Your payments change as your income changes
- Pay as You Earn Repayment-
- Up to 20 years
- Your payments change as your income changes
- Income Contingent Repayment-
- Up to 25 years
- Your payments change as your income changes
- Income Sensitive Repayment-
- Up to 10 years
- Your payment changes as your income changes
The one difference I note in the Public Service program is that there are no restrictions set forth regarding technical wording such as “highly qualified.” The wording is “Any federal government, state government, local government, or tribal government entity is an eligible employer for the PSLF Program. This includes the U. S. military, public elementary and secondary schools, public colleges and universities, public child and family service agencies, and special governmental districts (including entities such as a public transportation, public water, or public bridge
district, or a public housing authority).” This offers additional opportunities for those whose schools do not qualify for the $17,500. This plan seems to offer more flexibility in qualifying. Again, this is a newer program, so the exact details how this will be truly implemented is unknown.
With that in mind, you will have to do some investigating. Call your loan servicer. Ask questions. Read the forums. Make sure you’re repaying your loans under a “qualifying plan” and advocate for yourself!
https://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness-common-questions.pdf
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Mary says
November 13, 2015 at 3:41 amI am so interested that you received the $17500 amount as an SLP. I keep going over the wording on the offical documents! Was this a reason it was initially rejected? Any tips?
Unknown says
January 19, 2016 at 7:11 pmI will be completing my 5th consecutive year in a low-income school system this June. I plan to attempt application for the $17,500 loan forgiveness and was hoping you could give me an idea of the timeline you face. What was the turnaround response time once you submitted your application (rejected or accepted)? Did you simply re-apply the same paperwork each time or alter your documentation to better fit the applicant criteria as a school-based SLP?
Unknown says
January 19, 2016 at 7:11 pmI will be completing my 5th consecutive year in a low-income school system this June. I plan to attempt application for the $17,500 loan forgiveness and was hoping you could give me an idea of the timeline you face. What was the turnaround response time once you submitted your application (rejected or accepted)? Did you simply re-apply the same paperwork each time or alter your documentation to better fit the applicant criteria as a school-based SLP?