It can be very confusing to navigate the several loan forgiveness options if you are a teacher with federal student loans. Nonetheless, being aware of the prerequisites and qualifying standards may assist you in selecting programs that might be a good fit for you.
Teacher Loan Forgiveness; Source- CNET
Student Loan Forgiveness
Options include state-sponsored student loan forgiveness programs, teacher loan forgiveness, public service loan forgiveness, and the cancellation of teacher Perkins loans. Eligible teachers who have worked five full and consecutive academic years as teachers in low-income schools or educational assistance agencies may be eligible for loan forgiveness of up to $17,500 on certain federal loans under the Teacher Loan Forgiveness (TLF) Program. This covers both Federal Stafford Loans that are subsidized and unsubsidized as well as Direct Subsidized and Unsubsidized Loans.
Eligibility Requirements Of Teacher Loan Forgiveness
Many requirements must be satisfied to be eligible for TLF. First and foremost, as of October 1, 1998, or the date on which you applied for a Direct Loan or FFEL Program loan after that date, you could not have had an outstanding balance on any Direct Loans or Federal Family Education Loan (FFEL) Program loans. You also need to have worked for five full and consecutive academic years as a highly qualified full-time teacher, at least one of which had to have been after the 1997–1998 school year. Additionally, the teaching experience you provided had to be at a low-income student-serving elementary, secondary, or educational assistance organization.
Teacher Cancellation Low-Income
If certain requirements are met, such as finishing at least half of the academic year and fulfilling the employer’s contract requirements, a teacher’s year of absence from teaching that was prevented from being completed due to illness or military service may still be counted toward the required five years of teaching. Make sure the school or educational service provider where you worked is included in the low-income category. The Teacher Cancellation Low Income (TCLI) Directory, which is released yearly by the U.S. Department of Education, can be used to verify this. Additionally, the maximum amount of forgiveness differs according to the subject matter presented.
Loan Forgiveness Of $5,000
Some highly qualified primary or secondary school educators may be eligible for up to $5,000 in loan forgiveness, while highly skilled special education teachers and secondary school math or science teachers may be qualified for up to $17,500 in forgiveness. After completing the necessary five years of qualified teaching, you can apply to your loan servicer for Teacher Loan Forgiveness (TLF) by completing a Teacher Loan Forgiveness Application. The chief administrative officer of the institution or educational service agency in which you rendered your qualifying teaching service must complete the certification portion of the application.
