Non-Loan Funding Options
Austin Independent School District (AISD) Future Teacher Scholarship
Full-time students with a 2.5 UT GPA in the last four semesters of coursework toward teacher certification qualify for this scholarship. They must also be working to work in the following shortage areas: special education, bilingual education, languages other than English.
UT-Austin Continuing & Transfer Scholarship
This scholarship is strictly for continuing students eligible to enroll, transfer students who have been officially admitted or have completed an application for transfer admission (including CAP students), and former UT students applying for readmission.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
This is a non-need based funding option that provides $4,000/year to undergraduate, post-baccalaureate, and graduate students who agree to teach in a high-need field at a low-income school (within eight years of graduating from the teaching program).
Loan Forgiveness Programs
Federal Teacher Loan Forgiveness Program
The first of three loan forgiveness programs available to Texas teachers, it is geared specifically to those teaching at eligible Title I low-income schools serving 30% or more students with Title I funding.
Public Service Loan Forgiveness
This loan forgiveness option is open to all education staff (in addition to other public service employees and those who are full-time AmeriCorps or Peace Corps volunteers). Those interested in this loan forgiveness plan must have already made 120 timely, full-amount monthly payments (10 years’ worth) on a direct loan to qualify.
Federal Perkins Loan Cancellation
Through this option, eligible educators can have up to 100% of their loan discharged. It is open to those who have worked full-time for a full academic year (or equivalent) as a teacher at a public or nonprofit school serving low-income families, as a special education teacher, as bilingual education teacher, “or in any other field of expertise determined by a state education agency to have a shortage of qualified teachers in that state.” You may also qualify if you teach part-time at several schools.
TEACH for Texas Loan Repayment Assistance Program
The purpose of this program is to assist classroom teachers working in fields and communities that have a shortage of teachers. The maximum amount awarded is $2,500. Online application anticipated to go live May 18; deadline is June 30.
Income-Based Repayment (IBR)
This option is open to graduates who took out Direct or Federal Family Education Loans. IBR functions on a sliding scale based on your household income. Those earning above 150% of the poverty level for their household size will have their payments capped at 15% of earnings above that amount, and those earning below 150% will have a $0 required payment. There are several IBR options available.