In addition the IFT also offers several supplementary member benefit programs for union members.
BrainTrack provides a bi-annual scholarship to any college student studying to become a teacher. The purpose of the scholarship is to assist others in considering a career in teaching; therefore, applicants must submit an essay about their experiences as a teaching student. The scholarship will provide the best essay $1,000 and the runner up $500. Although only two essays will be rewarded cash prizes, all helpful essays will be published online. Deadlines March 1 and November 1.
Illinois Future Teacher Corps (IFTC) Program
Illinois residents who plan to be teachers in the state are eligible for this program. The programs gives priority to those pursuing a teacher shortage discipline and/or making a commitment to teach in a hard-to-staff school, and minority students. Applicants are qualified to receive $5,000 or $10,000, and in some cases an additional $5,000 depending on the teaching commitment made. Applicants must be residents of Illinois and be enrolled in a certification program or teacher education program.
Illinois Special Education Teacher Tuition Waiver (SETTW) Program
If you are a teacher or an academically talented student pursuing a career in special education as a public, private or parochial preschool, elementary or secondary school teacher in Illinois, you may be eligible for the Illinois Special Education Teacher Tuition Waiver Program. This program will exempt you from paying tuition and mandatory fees at an eligible institution, for up to four calendar years.
By receiving the tuition waiver, you must teach in Illinois in the field of special education. If this teaching commitment is not fulfilled, the amount of benefits received converts to a loan, and you must repay the entire amount plus interest.
Perkins Loan Forgiveness
Perkins Loan Forgiveness began in 1972 and will forgive up to 100% of your loan if you are a full-time teacher in a district eligible for ESEA Title-1 funding, a special education teacher in a district or qualified provider of early intervention services under Individuals with Disabilities Education Act (IDEA), or a full-time teacher in a state-designated shortage area.
Public Service Loan Forgiveness
Public Service Loan Forgiveness began in 2007 as a result of the College Cost Reduction and Access Act. Eligible borrowers are entitled to have the entirety of their debt (interest and principal) discharged after ten years of full time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Only payments made on or after October 1, 2007 count toward the required 120 monthly payments. Borrowers are permitted to consolidate into Direct Lending in order to qualify for this loan forgiveness program.
Stafford Loan Forgiveness Program
Eligible borrowers may receive up to $17,500 in loan forgiveness.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
This program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. If, after reading all of the information on this fact sheet, you are interested in learning more about the TEACH Grant Program, you should contact the financial aid office at the college where you will be enrolled.
Legal & Financial
Annuities and investments.
United Buying Service
(UBS) is a buying and finance referral service that has been saving consumers money for over 40 years. Services like UBS' Real Estate Agent Rebate could add up to thousands of dollars of savings. By using UBS' real estate benefits, you can get a 1% cash rebate on the sales price of your home whenever you buy or sell - that's $4,000 cash back on a $400,000!
Whether you are looking to buy or sell a house, apartment building or investment property, UBS will refer you to a preferred licensed professional realtor who will discount their services to you. Based upon mass purchasing power, you have access to a program that contains services and discounts not widely available to the general public, such as:
• Free consultation
• Free home valuation
• Free home loan/mortgage prequalification
• Discounted real estate fees
Click here to learn more about UBS real estate services that are available to IFT Members, or phone UBS at (800) YES-COST or (312) 698-9990.
United Credit Union
United Credit Union has a myriad of quality financial services available for IFT members.