We have put together a variety of topics which may benefit you financially. You can find help in the management of your students loans, save money on your federal tax return, or learn about special federal educational loan programs specifically designed for those in the teaching profession. On this page you will find these topics:
- National Student Loan Data System
- Loan Repayment Calculator
- FinAid - The Smart Student Guide to Financial Aid
- Tax Benefits for Higher Education
- Federal Loan Benefits for Teachers
- Public Service Loan Forgiveness
National Student Loan Data System
View your current loan balances at the Department of Education’s database for student aid, National Student Loan Data System (NSLDS). Information about all your Federal loans is stored and maintained in this government database. You may access the status of any unpaid Federal loan that you have acquired at any point in your lifetime.
Loan Repayment Programs and Calculators
Find detailed information on loan repayment including calculators to help you estimate what your monthly payments will be on your student loans.
FinAid - The Smart Student Guide to Financial Aid
FinAid - The Smart Student Guide to Financial Aid is an award winning public service website that can assist you with a wide-range of financial aid topics. This site is used as a reference by students and is respected within the educational community as a thorough and impartial source of financial aid information.
Tax Benefits for Higher Education
The IRS has tax laws which benefit people who have higher education expenses. Your situation will determine which of these laws can be applied to your advantage to reduce the amount of federal income tax you pay.
The following is intended only to provide awareness of these tax laws and is not to be taken as a source of authority on tax matters. Each of the following listed items are linked to a specific page within the IRS website to help you investigate how that particular tax law may benefit you.
Your tuition expense and other related education expenses may make you eligible to claim a credit against your federal income taxes and reduce your tax bill by up to $2000.
You may receive a tax deduction for up to $2500 of the interest you pay on your student loans. You may be eligible to deduct up to $3000 of the tuition you pay to Fielding.
You may not be subject to the 10% early withdrawal tax when you withdraw from your IRA to pay for your education.
Federal Loan Benefits for Teachers
The Department of Education has programs specifically aimed at those in the teaching profession. These programs are designed to promote interest in teaching by giving financial incentives to those who are in the field.
Stafford Loan Forgiveness Program for Teachers
The Teacher Loan Forgiveness program from the Federal government encourages you to go into the teaching profession. You apply for the teacher loan cancellation after you have completed the five year teaching requirement.
You may qualify for a loan forgiveness grant of up to $5,000 if you meet qualifications including:
- Employed for at least five consecutive years as a full-time teacher in a low-income elementary or secondary school
- Are a first time Stafford Loan borrower
You may receive up to $17,500 in loan forgiveness if you meet additional qualifications including:
Stafford Teacher Loan Forgiveness Forbearance
- Special education teacher to children with disabilities
- Math teacher
- Science teacher
You may be eligible to request a temporary postponement or reduction of your monthly payment on your Stafford Loan while you are teaching if you meet qualifications including:
- Qualify for the loan forgiveness program for teacher
- Are teaching in an area which has a shortage of teachers
Public Service Loan Forgiveness
If your occupation is public service, you may be eligible for loan forgiveness after you have made 120 monthly payments on your federal Direct Loan. If you qualify for this program, the rest of your loan interest and principal would be forgiven after you have made 120 monthly payments.
Examples of public service jobs are public health and education, public agencies for social services, public libraries, law enforcement, military service, public interest law service and public elderly services.
Program Qualifications include:
- You make 120 monthly payments after October 2007 on a federal Direct Loan
- You are working in public service during the 120 month period
- You are working in public service at the time of forgiveness
- Your payments are on a federal Direct Loan, not a FFELP loan
After obtaining your FFELP federal loan at Fielding, you would then need to consolidate your Stafford and/or Grad Plus loan into a Federal Direct Consolidated Loan before any of your loan payments will qualify towards the required 120 monthly payments. This is because all Stafford and Grad Plus federal loans obtained for Fielding students are under the Federal Family Education Loan Program (FFELP), which is different than the federal Direct Loan program. This consolidation concept is similar to refinancing a home loan into a new type of loan.
You may read more details about the public service loan forgiveness program at the Department of Education website.