You just graduated college in Texas with your teaching degree and have a job as a teacher at the local elementary school. Life should be exciting, but the thought of the overwhelming student loans has you down. It is normal for Texas college students to have as many as five to seven federal student loans to pay back after graduation. Looking ahead at how long it is going to take you to pay them all back might seem depressing. Luckily, those graduates like you who go on to be a teacher or work in another public service industry, such as the healthcare industry, public safety, law enforcement or public library services, might be eligible for Texas student loan forgiveness.
How It Works
Congress created the public service loan forgiveness plan to create higher employment in public service industries. Congress does this by offering a program that forgives the balance of a college graduate’s federal student loans after 10 years of payments and full-time employment in the public service industry.
Your monthly payments for all your federal student loans must be made on time, which means by the due date or within the few day grace period your particular loan allows. Your payments must also be the full monthly required amount. Any payments made before your initial six month grace period or within times of deferment or forbearance do not count toward your 120 required payments.
You must remain employed full-time in a public service industry from the time you apply for the loan forgiveness program, as well as throughout the 10 years during which you make your payments and at the time of forgiveness. This does not mean you have to hold the same position; you just need to remain in the public service industry.
Tracking Your Employment
Whether you stay at the same place of employment or you change jobs several times throughout the 10 years of the program, you will need to obtain annual verification from your employers to prove your full-time public service employment when it comes time to forgive the remaining balance of your loan.
Applying for the Program
After you make your last payment of the 120 consecutive loan payments, you can apply for your public service loan forgiveness by submitting an application and any supporting evidence the application requires. Following these easy requirements will allow you to participate in the Texas student loan forgiveness program.
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