Teacher Student Loan Forgiveness Program: It can be daunting for educators who have federal student loans to navigate the myriad of loan forgiveness programs available to them.
Understanding the requirements and standards can assist in selecting the best applications.
Public service debt forgiveness, teacher loan forgiveness, Perkins loan annulment for educators, and state-sponsored student loan forgiveness programs exist.
Teachers who meet TLF Program qualifications and teach in a low-income school or educational support agency for five years may receive up to $17,500 in federal loan forgiveness.
This includes subsidized and unsubsidized direct Stafford loans in addition to subsidized and unsubsidized direct Stafford loans.
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Several requirements must be fulfilled to qualify for TLF eligibility.
As of October 1, 1998, or the date you received one, you must not have any Direct Loan or FFEL Program loans.
You must be a full-time, highly qualified instructor for five years, one year after the 1997–98 school year, to qualify.
Teaching experience must also come from an elementary, secondary, or educational service agency that serves low-income children.
A teacher who misses an academic year due to military service or illness can be credited toward the five years if certain conditions are met. The teacher must finish half the academic year and meet employment contract requirements.
You must determine if your educational service agency or institution is low-income.
The annual U.S. Department of Education Teacher Cancellation Low Income (TCLI) Directory supports this.
The topic matter also determines the forgiving limit.
Secondary math or science teachers with superior qualifications may receive loan forgiveness up to $17,500. Elementary and secondary teachers who satisfy the same conditions may get $5,000 in loan forgiveness.
To qualify for TLF, submit a Teacher Loan Forgiveness Application to your loan servicer after five years of eligible teaching.
The principal administrative officer of the school or educational service agency where you completed your qualifying teaching service must certify you.
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