Teacher Loan Forgiveness

What is Teacher Loan Forgiveness?

teacher-student-loan-forgiv-ccThe Teacher Loan Forgiveness Program is one of the most beneficial programs and forgiveness options for teachers. It offers teachers principal reduction and an early ten-year forgiveness option.

Teachers can qualify for a principal loan reduction of between $5000 to $17,500 of their loan. Qualified teachers can also enjoy full loan forgiveness of their loans after ten years. Teacher Loan Forgiveness is made possible through the public service loan forgiveness program, but in many cases, teachers qualify and receive benefits from both programs.

Am I Eligible?

The requirements that must be met to be eligible for the teacher loan forgiveness program are:

  • The federal student loans must have come after Oct 1, 1998.
  • The loans cannot be in default.The borrowers must make satisfactory repayment arrangement to remove your loans from default status. Consider consolidating your loans to remove the default status on your student loans.
  • The loans you seek to have the principal reduced or seek forgiveness must be loans made before finishing your five consecutive years as a teacher.
  • Any teaching time made through AmeriCorps does not count towards your required five years of teaching for loan.
  • Teachers must have completed five full academic years as a full-time teacher. At least one of those years must have been after the 1997-1998 school year.
  • Teachers must be employed in an elementary or secondary school that is a Title 1 school that qualifies for funds under the Elementary and Secondary Education Act of 1965.
  • The Department of Education have determined that the school total enrolled population is made up of children who qualify for Title 1 services.
  • The school must be listed in the annual directory of designation low-income school for Teacher Cancellation Benefits. All elementary and secondary schools operated by the Bureau of Indian Education or operated on Native American reservation by Native American tribal groups qualify as schools serving low-income students. It does not matter if they aren’t listed in the annual directory of designated low-income schools for Teacher Cancellation Benefits.
  • Teachers that teach at an eligible education service agency after the 2007-2008 academic year are eligible. It can apply to your required consecutive five years of teaching.
  • An important note is that a school that you teach at that qualifies for the condition one year but may not qualify for the rest of the required five years may still count towards your required five consecutive years of teaching.

Who is Considered a Teacher?

A teacher is a person who provides direct classroom teaching or has provided classroom-type teaching in a nonclassroom setting. Special education educators are teachers. Teachers must have been teaching for a minimum of five full and consecutive academic years to qualify for principal reduction.

How Do I Apply for Teacher Loan Forgiveness?

If you believe that you qualify for the Teacher Loan Forgiveness Program, give us a call or contact us, Student Debt Doctor through the site to help you begin the process with professional help. However, you can try to attempt to begin the process for free through the US Department of Education.

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Disclaimer: This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. Student Debt Doctor offers fee-based services to assist with application preparation for federal student loan and other programs.
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