Teacher Grants and Loan Forgiveness Programs
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Bryan College will participate in the U. S. Department of Education’s Teach Grant Program, which is being implemented for the first time for the 2008-2009 academic year. Final rules and regulations for the program will not be available until July 2008. However, the following preliminary information has been released.
NOTE: If you are not already committed to teaching a high-need subject in a low income school, please use caution when considering this possible source of funds. According to some estimates, only 20 percent of student who participate in the TEACH Grant Program will be able to use the funds as grants, while many students will see their funds converted to loans with accumulated interest.
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Eligibility
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· U. S. citizen or eligible non-citizen
· Enrolled in coursework or plan to complete coursework toward a career in teaching and/or in a high-need subject area
· Have a cumulative GPA of at least 3.25 as a high school graduate and maintain that GPA throughout your academic program (or score above the 75th percentile on a national standardized college admissions test)
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Teaching Obligation
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Recipients agree to teach for at least four (4) years within eight (8) years of finishing their teacher preparation program and to teach high-need subjects in designated Title 1 schools that serve low-income students. Failure to fulfill the commitment will result in the grants converting to Unsubsidized Stafford Loans with back dated interest payments.
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High-Need Subject Areas
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· Mathematics
· Science
· Reading
· Special Education
· Bilingual Education
· Other fields documented as high-need by the Federal Government, State Government, or local educational agency, and approved by the Secretary, U. S. Department of Education.
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Service Agreement
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Each year you receive a TEACH grant, you must sign a TEACH Grant Agreement to Serve and Promise to Pay (service agreement), which will be available electronically on the U. S. Department of Education web site. When you sign the service agreement, you are agreeing to repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were first disbursed, if you do not complete the teaching service requirement. If the grant is converted to a loan, it cannot be converted back to a grant.
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Documentation
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You must confirm within 120 days of completing or otherwise ceasing enrollment in your teacher preparation program that you are fulfilling (or plan to fulfill) the terms and conditions of your service agreement. You must document your teaching service, and your documentation must be certified by the chief administrative officer at the school where you teach.
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Amount of Grant
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This grant will provide up to $4,000 per year ($16,000 total/undergraduate).
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Application Process
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· FAFSA
· TEACH Grant Agreement to Serve and Promise to Pay
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Teacher Loan Forgiveness Programs
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Federal Teacher Loan Forgiveness Program ($5,000)
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Federal Teacher Loan Forgiveness Program ($17,500)
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TN Teaching Scholars Loan Forgiveness Program
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Administered By
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Administrative Source
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Federal
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Federal
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State
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Qualifications
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Application Dates
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After completion of 5 years of teaching
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After completion of 5 years of teaching
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Deadline of April 15 preceding the application academic year
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Application Process
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Application for program, letter of recommendation, college transcripts, standardized test scores
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Maximum Amount Forgiven
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$5,000
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$17,500
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Up to $4,500 per academic year with a maximum of 4 years of eligibility
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Maximum Time for Forgiveness
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5 years
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5 years
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One full year of teaching for each year an award is received
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Forgiveness Process
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After 5 years of teaching is complete, $5,000 will be forgiven
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After 5 years of teaching is complete, $17,500 will be forgiven
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Contact TSAC once employment is attained
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