Teacher student loan forgiveness is one of the best forgiveness programs provided by the government.
It is an important financial aid for teachers.
Plus, it helps the country by producing more educators.
Different forgiveness programs address different needs.
Here’s everything you should know…
(Did You Know? Teacher Student Loan Forgiveness is one of the most underutilized but beneficial forgiveness programs out there. The Definitive Guide to Student Loan Forgiveness will go over all the things you need to know in order to qualify and apply for teacher student loan forgiveness in just minutes! Learn more and grab your free Definitive Guide here)
Teacher Student Loan Forgiveness Programs
1. Student Loan Forgiveness for Teachers
This is the perhaps the most popular forgiveness program.
It is specifically made for this career.
Being a teacher is not easy.
This loan forgiveness program adds special requirements to your teaching.
But it is all worth it.
- Forgiveness Limit: $17,500
- Loans Forgiven: FFEL Loans, Direct Loans
- Eligibility and Requirements: Teach for five consecutive years in a qualifying, low-income school. Then, apply for forgiveness after you have completed five years’ worth of work.
- Other Details: Teaching secondary-level Math and Science allows you to maximize the loan forgiveness limit. However, teaching other subjects and/or in the elementary level provides forgiveness of only $5,000.
2. Public Service Loan Forgiveness Program
Being a teacher is also considered a public service.
Your career in education could qualify you for another forgiveness program.
(Did You Know? Teachers can also qualify for Public Service Student Loan Forgiveness in some cases. The Definitive Guide to Student Loan Forgiveness will help you discover all the ins and outs of qualifying for and applying for PSLF in just minutes! Learn more about PSLF and grab your free Definitive Guide here.)
This is student loan forgiveness for public service.
- Forgiveness Limit: Varies. The PSLF forgives the balance of your student loan rather than a fixed amount. It forgives whatever is left after you complete their requirement for qualification.
- Loans Forgiven: Direct Loans. To take advantage of this program, consolidate other federal loans you have through a Direct Consolidation Loan.
- Eligibility and Requirements: You must work at a qualifying job in public service for ten (10) consecutive years. These jobs may be in the government or other non-profit organizations. Check first with your employer if they are a qualified agency.
- Other Details: The federal government recommends enrolling your student loans under an income-driven repayment plan. This enables you to make only the minimum monthly payment. Plus, you must make 120 full and consecutive payments to qualify.
3. Perkins Loans Cancellation Program for Teachers
— USStudentLoanCenter (@USSLC1) August 19, 2017
Teacher student loan forgiveness caters to specific types of loans.
This could be useful if you have a considerable amount of loan under this type.
- Forgiveness Limit: Entire loan
- Loans Forgiven: Federal Perkins Loans only
- Eligibility and Requirements: Teach for a minimum of (1) year at a qualifying, low-income school. The Perkins Loan Cancellation does not require a set number of years because the percentage of loans cancelled increases according to the length of service.
- Other Details: You must teach either Science, Math, special education, bilingual education, or special education. On the other hand, you may also opt to teach a subject in which there is a critical need for teachers as declared by your state.
4. City and State-Sponsored Student Loan Forgiveness for Teachers
Finally, there are plenty of teacher student loan forgiveness programs under each city or state.
These programs depend on your residency or where you choose to teach.
Look up if your state is offering state-specific loan forgiveness programs.
This database is also helpful when looking for forgiveness programs.
Watch this video from NPR for more information on the events surrounding student loan forgiveness:
Teacher student loan forgiveness programs are a huge help to teachers and their families.
We are still waiting for the day these four options become five, six, or even ten.
Teachers deserve it for the noble work they do in helping to shape the next generation.
The least we can do for teachers is make sure our teachers of America are aware of their options for Student Loan Forgiveness and how it may help them reduce their debt faster (and way easier!)
Which is exactly why we created The Definitive Guide To Student Loan Forgiveness. This guide is totally free and will go over not just the forgiveness available to teachers, but all the student loan forgiveness programs that you may be able to qualify for. It will even help you figure out which one is best and how to apply. You can get your download of the Definitive Guide To Student Loan Forgiveness by clicking here.)
What are your thoughts on the student loan forgiveness programs for teachers? Let us know in the comments below.
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