What is teacher loan forgiveness?
Teacher Loan Forgiveness is a federal loan forgiveness program designed specifically for teachers in the public sector.
Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other specific qualifications, you might be eligible for loan forgiveness of up to $17,500.
Note that these programs do not apply to any private student loans that teachers might have taken out.
- Direct Subsidized and Unsubsidized Loans
- Subsidized and Unsubsidized FFEL Loans
If you have PLUS loans only, you are not eligible for Teacher Loan Forgiveness.
- You must have been employed as a full-time teacher (including Special Education) for five complete and consecutive years at a qualifying organization, including low-income elementary and secondary schools and education service agencies. In some
circumstancesyou might still qualify if you were unable to complete a full academic year.
- You must be a highly qualified teacher as defined by the Department of Education.
- You must not have had an outstanding balance on any loans prior to Oct. 1, 1998
- You cannot be in default unless you have made satisfactory repayment arrangements with the holder of the defaulted loan
Note that the Department of Education differentiates between service completed before and after Oct. 30,
In order to