Teacher Student Loans: Paying for School as a Future Teacher

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Teachers carried a median amount of $16,875 in student loan debt in 2019, according to the Center for American Progress.

So if you’re studying to be a teacher, there’s a good chance you’ll need to take out teacher student loans to pay for school.

Here’s what you need to know about teacher student loans, as well as other options:

1. Start with federal student loans
2. Research TEACH Grants
3. Consider taking out private student loans

1. Start with federal student loans

Federal student loans offer benefits and protections that could make repayment easier down the line.

For example, if you run into financial trouble or decide to join the Peace Corps after graduating, you might be able to pause your payments through the federal deferment or forbearance programs.

There are a few types of federal student loans that could fund your teacher training:

• Direct Subsidized Loans: These loans are available for undergraduate students with financial need. The government will cover your interest while you’re in school, so you’ll have less to pay off later. You might be able to borrow up to $23,000 in Direct Subsidized Loans over the course of your degree.
• Direct Unsubsidized Loans: Unlike subsidized loans, you’re responsible for all interest accrued on Direct Unsubsidized Loans. This means your balance will likely be higher when you graduate than when you first take them out — unless you make payments while you’re in school. These loans are available for both undergraduate and graduate students. If you’re a dependent students, you could borrow $5,500 up to $12,500 per, while independent students can borrow up to $20,500 per year.
• Grad PLUS Loans: These loans are for graduate students, and typically come with higher interest rates that subsidized and unsubsidized loans. You’ll also have to undergo a credit check. With PLUS Loans, you could borrow up to your school’s cost of attendance.
• Parent PLUS Loans: Parents who want to borrow money to pay for their child’s education can do so with Parent PLUS Loans. Like Grad PLUS Loans, you can borrow up to the cost of the school’s cost of attendance with Parent PLUS Loans. They also require a credit check.

To apply for federal student loans, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA).

Afterward, you’ll receive a financial aid award letter from your school, which will explain what loans you’re eligible for. You can then choose which loans you’d like to accept.

Learn More: Federal Stafford Loans

See: Student Loan Forgiveness for Teachers

2. Research TEACH Grants

Teacher Education Assistance for College and Higher Education (TEACH) Grants could be a great option for teachers. If you meet the program requirements, you can use the grant to pay for school without ever needing to repay it.

If you’re eligible for the TEACH Grant, you could receive up to $4,000 for school. To qualify, you must complete each of the following:

• Be enrolled as an undergraduate or graduate student at a school participating in the TEACH Grant program
• Meet the academic achievement requirements
• Agree to teach in a high-need field (such as STEM) in a low-income area for at least four years within eight years of graduation

If you don’t complete your service, the grant will be turned into a Direct Unsubsidized Loan that you’ll need to repay just as if you’d taken out a federal student loan.

Check Out: Low Interest Student Loans

Other scholarships and grants for future teachers

The TEACH grant is one of the most well-known programs for future teachers — but it’s not the only option available.

Here are some other teacher-specific scholarships worth pursuing:

• American Federation of Teachers Robert G. Porter Scholars Program
• American Council of Learned Societies fellowships and grants
• American Association for the Advancement of Science Robert Noyce Teacher Scholarship Program
• Armed Forces Communications and Electronics Association Educational Foundation scholarships

3. Consider taking out private student loans

It’s usually a good idea to leave private student loans and graduate student loans as a last resort as they don’t offer the same protections as federal student loans.

But if you’ve maxed out your federal student loans, college grants, and scholarships, private student loans could help fill any financial gaps left over. Most students end up with a mix of federal and private student loans to pay for school.

Private student loans offer some advantages of their own. A couple of these include:

• Potentially lower interest rate: If you have good credit, you might qualify for a lower interest rate than you’d get with federal student loans, potentially saving you money in the long run.
• Can apply at any time: Unlike federal student loans that come with strict application deadlines, you can apply for student loans from private lenders whenever you need them. If you run out of money mid-way through your program, private student loans could be a lifesaver.

If you decide to take out a private student loan, be sure to consider as many lenders as possible to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Max loan limit
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.21%+	1.46%+	$200,000
Fixed APR: 3.21%+ Variable APR: 1.46%+ Min. credit score: 540 Loan amount: $2,001 to $200,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.23%+1	N/A	$350,000 (depending on degree)
Fixed APR: 3.23%+1 Variable APR: N/A Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.94%+2,3	0.94%+2,3	Up to 100% of school-certified cost of attendance
Fixed APR: 2.94%+2,3 Variable APR: 0.94%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.0%+7	2.35%+7	$200,000
Fixed APR: 3.0%+7 Variable APR: 2.35%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.33%+8	1.69%+8	Up to 100% of school-certified cost of attendance
Fixed APR: 3.33%+8 Variable APR: 1.69%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.75%+	N/A	Up to school-certified cost of attendance (depending on school type and minus other aid received)
Fixed APR: 3.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.5% - 12.6% APR9	1.13% - 11.23% APR9	Up to 100% of school-certified cost of attendance
Fixed APR: 3.5% - 12.6% APR9 Variable APR: 1.13% - 11.23% APR9 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 10 to 15 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
Compare rates without affecting your credit score. 100% free! Compare Now
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Managing your teacher student loans

Teaching can be a very rewarding career, and you have plenty of options for employment. According to the Bureau of Labor Statistics, there are over one million high school teachers alone in the U.S. today.

Just keep in mind that while student loans might be your ticket to getting your teacher education, it’s important to remember not to overdo it. Always consider free financial aid (like scholarships and grants) first. If you need to take out student loans, make sure to borrow only what you need to keep your future payments as low as possible.

Don’t forget to check out what your estimated monthly payment could look like using our student loan calculator below.

Keep Reading: Student Loan Requirements

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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