Teacher Loan Forgiveness
How does this work?
- You could be eligible for $5000 or $17,500 in forgiveness
- $17,500 for all special education and high school math and science teachers
- $5000 for all other teachers
- You work in an eligible school and meet criteria listed below.
How do I know if I am eligible?
- Work in a low-income school
- You are a teacher that provides direct instruction
- Counselors, school nurses, school psychologists are not eligible
- Worked for five complete, consecutive years in a school that is or was low-income at the start of 5 years of service
- You have federal loans
- Loans were taken out prior to, or within, your first five years of teaching at the qualifying low-income school.
- Loans were taken out after October 1, 1998
- If you took out loans prior to October 1, 1998 you could be eligible if:
- You paid them off and;
- Took out new loans and;
- New loans were taken out during five years of teaching at a low-income school
- All eligibility requirements
What do I do next?
1. Determine if you work in a low-income school
2. Determine if your qualifying full-time employment for five consecutive years is at a low-income school, or a school that was at the beginning of your service.
3. Fill out the Teacher Loan Forgiveness Application
- Wait until after you have completed your fifth year of teaching
- Your principal or human resources contact will need to complete a section
- Use name of school as it appears on the low-income school database
4. Send completed application to your loan servicer