FINANCIAL ARRANGEMENTS AVAILABLE
What is the cost? Application Fee: $100.00 Tuition: $12,500.00 (subject to change) Textbooks: $600.00 (estimated cost)
Forgiving student loans by being a teacher in a low-income area and in a high need area (special education, English as a New language, math, science) is a way to encourage those in the education field. Many low-income areas need teachers, and if you have a passion for teaching and you meet the qualifications, you can be on your way to having your student loans forgiven.
Teacher Forgiveness Loan
Congress
established the Teacher Loan Forgiveness Program (TLFP) to encourage
individuals to enter and continue in the teaching profession in certain
elementary and secondary schools that serve low-income families. Under
the TLFP, if you borrow loan funds through the Federal Stafford Loan
Program (and in certain cases, the Federal Consolidation Loan Program),
and you teach for five consecutive, complete years at an eligible
school, you may qualify to have up to $5,000 ($17,500 for certain
highly qualified secondary math and science teachers, and elementary
and secondary special education teachers) of your loan balance
forgiven. Specific eligibility requirements and the teacher loan
forgiveness (TLF) application process are outlined at http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp
TEACH
Grants are also available for those preparing to teach in high needs
areas of special education, math, science, foreign language, English as
a New Language. An award of $8000 may be obtained. Please see the
following web site for more information. http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp
To apply for the Federal Stafford Loan you must first complete the Free Application for Federal Student Aid (FAFSA), which is available on-line atwww.fafsa.ed.gov (http://www.fafsa.ed.gov/). We suggest that you secure a US Department of Education PIN (personal identification number) at www.pin.ed.gov (http://www.pin.ed.gov/) before you complete the FAFSA. You will likely receive your PIN within 24 hours. You will then be able to sign your FAFSA electronically and submit everything in one step. The school code for Anderson University is 001785. The Office of Student Financial Services will receive your FAFSA information electronically. Upon receipt of your FAFSA information and acceptance into TIP, an award letter will be mailed to you indicating your eligibility for Federal Stafford Loan funds. The maximum a degree seeking graduate student can borrow is $18,500 in subsidized and unsubsidized Stafford Loans. There are also Graduate PLUS loans available (approximately $9000). Additional steps will need to be taken to actually secure the loan proceeds. This information will be provided to you in the award notification. For billing questions or for assistance with loan applications contact Nelda Ely, Financial Aid Counselor via e-mail at nlely@anderson.edu or by calling (765) 641-4368.
