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loans

Teacher Loan Forgiveness

The Teacher Loan Forgiveness Program is designed to encourage individuals to enter and continue in the teaching profession. Under this program, teachers who meet certain criteria can have a portion of their federal student loans forgiven. Here are the key details about the Teacher Loan Forgiveness Program:

Eligibility Requirements: To qualify, you must:
- Be a highly qualified teacher. This generally means having at least a bachelor’s degree, full state certification as a teacher, and not having had certification or licensure requirements waived on an emergency, temporary, or provisional basis.
- Teach full-time for five complete and consecutive academic years in a low-income school or educational service agency. Low-income schools are listed in the Teacher Cancellation Low Income (TCLI) Directory.
Loan Types: The forgiveness is available for Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans. PLUS loans and Perkins Loans are not eligible for this program.
Forgiveness Amount: The maximum forgiveness amount is either $5,000 or $17,500, depending on the subject area taught:
- Most qualified teachers can receive up to $5,000 in loan forgiveness.
- Teachers who specialize in mathematics, science, or special education at the secondary level (or special education at the elementary level) can receive up to $17,500 in loan forgiveness.
Application Process: After completing five years of qualifying teaching, you can apply for loan forgiveness by submitting the Teacher Loan Forgiveness Application to your loan servicer. The chief administrative officer of the school or educational service agency where you performed your qualifying teaching service must complete a section of the form.
Consideration of Other Benefits: Participation in this program may affect your eligibility for other benefits, like Public Service Loan Forgiveness (PSLF). You can’t get a double benefit for the same teaching service. For instance, if you complete five years of qualifying teaching and receive forgiveness through this program, this service cannot count towards PSLF.
Cumulative Service: The five years of qualifying teaching service must be complete and consecutive, but there are some exceptions for special circumstances, like returning to education after a break in service.
Impact on Remaining Loan Balance: If you receive forgiveness under this program, only the remaining balance on your eligible loans after the forgiveness is your responsibility.

The Teacher Loan Forgiveness Program is an important benefit for educators who commit to working in low-income schools, and it can significantly reduce the burden of educational debt. It’s important to maintain accurate records of your teaching service and to communicate with your loan servicer to ensure you meet all the requirements for loan forgiveness.