This federal loan forgiveness program assists teachers in repaying their student debt. You must work for a minimum of five consecutive years in a qualified school. To see if your school qualifies, go to the Teacher Cancellation Low Income Directory.
The amount of loan forgiveness varies depending on the subject you teach. The majority of elementary school teachers receive up to $5,000. Secondary school teachers who teach math, science, or special education at either level may be eligible for loan forgiveness of up to $17,500.
To qualify for Teacher Loan Forgiveness, you must
- You must not have had an outstanding debt on Direct Loans or Federal Family Education Loan (FFEL) Program loans as of October 1, 1998.
- You must have been employed as a full-time, highly qualified teacher for five complete academic years in a row, with at least one of those years occurring after the 1997–98 academic year.
- You must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students (a "low-income school or educational service agency").
- The loan(s) for which you are seeking forgiveness must have been made before the completion of your five academic years qualifying teaching service.
How to Apply:
After you have completed the minimum of five years of qualifying teaching, you can apply for teacher loan forgiveness by submitting a completed Teacher Loan Forgiveness Application to your loan servicer.
The certification section must be completed by the chief administrative officer of the school or educational service agency where you completed your qualifying teaching service. You must submit a separate form to each loan servicer if you are requesting forgiveness of loans with several loan servicers.