Are you a borrower and wants to on loan forgiveness for teachers? Check out the requirements and how to apply here.
Did you know that as a teacher you can also access loan from the federal government? Yes, you can, as a teacher you are entitled to federal student loans for your service. This form of loan is termed as the Teacher Loan Forgiveness Program. This loan programs based on certain eligibility or criteria offer qualified applicants up to $17,500 on the following federal loan (Direct subsidized, Direct Unsubsidized, Subsidized Federal Stafford Loan or Unsubsidized Federal Stafford Loan). Teachers in low-income school or institution who have taught for five consecutive years are most eligible to apply based on their requirement.
Also, other loan aspects like Direct Consolidation are entitled to some portion of forgiveness whereas as Direct PLUS loans are out of reach when it comes to Teachers Loan Forgiveness. However, it is noted that there are two forms of teacher loan forgiveness option (Teacher Loan Forgiveness Program and Public Service Loan Forgiveness). Frankly speaking teachers can access both loan forgiveness provide they meet their requirements.
Difference between Teacher Loan Forgiveness Program and Public Service Loan Forgiveness
|Teacher Loan Forgiveness Program||Public Service Loan Forgiveness|
|For teachers in low-income institutions or communities (elementary and secondary schools)||For public workers especially for those in government, non-profit organizations as well as teachers.|
|Qualify for up to $17,500 or $5,000||Have eligible federal student loans that are in an income-driven repayment (IDR) plan.|
|You must be a full-time teacher who have taught for||You must be a full-time employee of a government or nonprofit organization.|
|Have federal direct loans or Stafford loans that are have not been defaulted.||Have records of making120 qualifying payments toward your loans (can also be after paying for your TLPP).|
|Direct subsidized, Direct Unsubsidized, Subsidized Federal Stafford Loan or Unsubsidized Federal Stafford Loan and Direct PLUS loans qualify for this.||Federal Direct loans qualify for this.|
Loan Forgiveness For Teachers Requirements and Application
Although we have two types of loan forgiveness, our main focus is on just one, which is Teacher Loan Forgiveness Program.
Requirements for Teacher Loan Forgiveness Program
- Applicant must have no arrears on their Direct Loans or Federal Family Education Loan (FFEL) Programloans as of October 1, 2022 or on the date that you obtained a Direct Loan or FFEL Program loan after October 1, 2022.
- You must be a full-time, highly qualified teacher (with a bachelor degree or full state teacher certificate and have worked for five consecutively years completely.
- You must be a teacher at a low-income elementary school, secondary school, or educational service agency.
- Have no defaulted federal student loan.
How to apply for Teacher Loan Forgiveness Program
Be sure of your complete five years consecutive teaching experience before you apply. Every teacher who meets the above requirement can apply for Teacher Loan Forgiveness with their loan servicer. One need not to worry if he or she has several loans with different loans servicers, you will just have to apply through each. Contact your loan servicer and start the application process.
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