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Teacher Loan Forgiveness

The Teacher Loan Forgiveness program is the most helpful of all the forgiveness choices as teachers could be qualified for the immediate principal decrease and complete forgiveness after 10 years. Teachers can pass for a principal reduction of $5,000 to $17,500 on their loans, with full forgiveness after a ten-year term.  Any leftover balance at the end of the 10 years would be entirely forgiven. The ten-year forgiveness is part of the public service loan forgiveness program, but in most states, teachers pass and get advantages of each program.

Eligibility Requirements of the Teacher Loan Forgiveness Program?

The Teacher Loan Forgiveness program is the most helpful of all the forgiveness choices as teachers could be qualified for the immediate principal decrease and complete forgiveness after 10 years. Teachers can pass for a principal reduction of $5,000 to $17,500 on their loans, with full forgiveness after a ten-year term.  Any leftover balance at the end of the 10 years would be entirely forgiven. The ten-year forgiveness is part of the public service loan forgiveness program, but in most states, teachers pass and get advantages of each program.
  • Your Federal Student Loans (Federal Family Education Loan or Direct Loan) must have begun after Oct 1, 1998.
  • If you are in default on an unsubsidized or subsidized loan, you are not qualified for the forgiveness of that loan except you have made enough repayment agreements with the possessor of the defaulted loan. This page gives some choices to prepare your student loans out of default.
  • Loans in which you are trying forgiveness or principal decrease must have been received before completing your five years as a teacher.
  • Any time you employed teaching to get advantages into AmeriCorps cannot be included in your needed 5 years of teaching for Teacher Loan Forgiveness.
  • You must have finished five full academic years being as a full-time teacher and at least one of those years must have to be after the 1997-1998 school year.
  • You must have been hired in an elementary or secondary school that
  • is a title 1 school which passes for funds under the Elementary and Secondary Education Act of 1965 and
  • has been decided by the department of education the school’s whole enrollment is made up of children who pass for services under title 1 and,
  • is noted in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits.
  • Note: All elementary and secondary schools managed by the Bureau of Indian Education (BIE)—or managed on Indian reservations by Indian tribal groups following the contract with BIE—pass as schools serving low-income students. These schools are suiting schools for prospects of this loan forgiveness program, despite if they are not placed in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits.
  • If you were teaching at a suitable educational service agency after the 2007-2008 academic year, it could be applied to your continuous five years of teaching.
  • If your school is qualified under the earlier conditions for one year but not the rest, they may still be included in your five continuous years of teaching.

Who is Taken into Account a Teacher in the Teacher Loan Forgiveness Program?

 

A person that gives direct classroom teaching or classroom-type teaching in a nonclassroom environment is a teacher.  Special Education teachers are recognized teachers.

Private Student Loan Consolidation

Private student loan consolidation is available through various banks we work with to combine all your student loans into one new loan. Private student loan consolidation requires a good credit score and will often have better rates than the federal student loan.

How Long I Have to Teach to Qualify for Teacher Loan Forgiveness?

You have to be a teacher for five whole and continuous academic years after the 1997-1998 school year to pass for the for principal reduction in the Teacher Loan Forgiveness program.

Service Completed Before Oct 30. 2004

If your five continuous years of teaching started before Oct 30, 2004, you have a few choices:

You may get up to $5,000 in loan forgiveness if you were:

  • A full-time elementary school teacher in mathematics, writing or reading or other areas of this school’s curriculum.
  • A full-time secondary school teacher, teaching in a material that was linked to your academic program.

You may get up to $17,500 in loan forgiveness if you were:

  • An extremely qualified full-time mathematics or science teacher in a suitable secondary school; or
  • A very qualified special education teacher whose principal responsibility was to give specific education to children with disabilities, and you educated children with disabilities that corresponded to your area of specific education guidance and have displayed knowledge and teaching abilities in the content areas of the curriculum that you trained.

Service Started on or after October 30, 2024

If your five continuous years of teaching started after Oct 30, 2004, you have several choices:

  • You might get up to $5,000 in loan forgiveness if you were an extremely qualified full-time elementary or secondary school teacher.
  • You may get up to $17,500 in loan forgiveness if, as approved by the main administrative officer from the school where you were hired, you were an extremely qualified full-time mathematics or science teacher in a suitable secondary school; or
  • A highly qualified special education teacher whose main responsibility was to give specific education to children with disabilities, and you prepared children with disabilities that corresponded to your area of specific education instruction and have demonstrated knowledge and teaching abilities in the content areas of the curriculum that you taught.

Unable to finish an academic year

If you were unable to finish an academic year, that year might yet add to your Teacher Loan Forgiveness five continuous years if:

  • Half of the academic year was finished, or
  • Your employer reflects you to have finished your contract obligations for the salary increase, tenure, and retirement

You couldn’t complete the academic year because

  • You got back to college, on at least half-time credits, in an area that is straightly linked to your teaching profession and or to better your execution in said position; or
  • You had a situation covered under the Family and Medical Leave Act of 1993 (FMLA); or
  • You were charged into active duty in the Armed Forces for more than 30 days.

Am I Well-Qualified Teacher with the Teacher Loan Forgiveness Program?

To be a highly qualified a public elementary, teacher or secondary school teacher has to

  • Have received complete state certification as a teacher; or
  • Passed your state teaching license examination, and keep a license to teach in the state
  • Have not had certification or licensure elements waived on a temporary, emergency, or provisional basis.

Also —

You might be qualified as an Elementary school teacher that is new to the job if you:

  • Have at least a bachelor’s degree; and
  • Have shown to have sufficient teaching abilities with passing any state examinations, or having subject knowledge of writing, reading, mathematics and additional central areas of elementary education.

A middle or secondary school teacher that is new to the job is highly qualified if the teacher also

  • Have at least a bachelor’s degree; and
  • Has shown an important level of skill in each of the academic subjects in which the teacher teaches with
  • Have shown to have sufficient teaching abilities by passing any state examinations, or having subject knowledge of writing, reading, mathematics and other primary areas of elementary education.; or

An elementary, middle, or secondary school teacher that is not new to the job is highly qualified if the teacher also

  • Have at least a bachelor’s degree; and
  • Fits the relevant criteria of a middle, elementary, or secondary school teacher that is new to the job; and
  • Displays skill in all the academic subjects in which the teacher teaches based on a high objective uniform state type of evaluation that is placed by the state for each grade-appropriate academic subject matter knowledge and teaching abilities;
  • Is aligned with challenging state educational content and student academic accomplishment standards and improved in discussion with core content specialists, principals, teachers, and school administrators;
  • Is implemented uniformly to all teachers in the identical academic subject and the same grade level everywhere in the state;
  • Presents coherent, objective regarding the teacher’s attainment of core content information in the academic subjects in which a teacher teaches;
  • Takes into consideration, but is not based mainly on, the point the teacher has been teaching in the academic subject;
  • Is made open to the public upon application; and may include multiple, objective standards of teacher competency.

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What is a Low-Income School?

The U.S. Department of Education publishes a secondary school and list of low-income elementary every year. Questions regarding the omission or inclusion of a particular school need to be addressed to the state education agency association in the state where the school is placed.

What if I educate at an educational service agency?

Assuming that you teach at an informative service agency, your teaching service may pass if the continuous 5 year period involves qualifying service at a suitable educational service agency done after the 2007–08 academic year.

What if my service was at multiple schools?

You are suitable for teacher loan forgiveness if you worked at various schools.  You would need to submit couple teacher loan forgiveness applications from each school administrations.

How to Qualify For Public Service Loan Forgiveness as a Teacher?

If you are suitable for the program, the public service loan forgiveness program forgives 100% of your federal student loan debt.  All workers at a public school system would qualify based on their employment but would have to meet other standards too.

Eligibility Elements of Public Service Loan Forgiveness for Teachers

  • You have to work at least 30 hours per week at this organization
  • You have to work in the public sector, or a non-profit
  • You have to pay in an income-based repayment plan.
  • You must have Direct Loans

Follow this link for the more specific report on the public service loan forgiveness program and its eligibility specifications.

How can I apply for Teacher Loan Forgiveness?

There are two programs that you can utilize for:

  1. Teachers in Low Income (Title I) Schools
  2. Perkins/Teacher Loan Forgiveness

These programs have a five-year teaching requirement. Depending on the program, you can be forgiven $5,000, $17,500 or 100% of your Perkins Loans Forgiven (forgiveness is not taxable).

If you think that you qualify for the Teacher Loan Forgiveness program, you can call 1-800-820-8128 for guidance with the application process, or apply on your own with the official teacher loan forgiveness application.

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