Loan Forgiveness For Teachers: Programs and Qualifications.
Being a teacher is one of the most rewarding professions around. It is one of the few jobs that allow you to not only interact with, inspire, and mold the lives of kids. Unfortunately a great deal of training and education is required to become a licensed educator, and often so too comes the burden of student loan debt. Luckily the federal government recognizes this and offers different types of loan forgiveness for teachers.
Can Teachers Have Their Loans Forgiven?
Yes! Teachers can have their loans forgiven. This is great news if you have accumulated a high degree of student loan debt and struggle to make payments on a teacher’s salary. Loan forgiveness for teachers is offered through the federal government through three main programs:
Public Service Loan Forgiveness
Public Service Loan Forgiveness is a program of loan forgiveness for teachers that has the broadest scope. This is because with other loan forgiveness programs that have specific qualifications regarding the type of subject you teach and the type of school you teach in, public service loans allow all teachers to qualify. The waiting period to obtain this particular forgiveness is 10 years, which can be a long wait and the qualifications which are found further below can make this a steep hill to climb.
Teacher Loan Forgiveness
The Teacher Loan Forgiveness program is one of the oldest offerings of loan forgiveness for teachers. It offers up to $17,500 in forgiveness of Direct or FFEL Subsidized or Unsubsidized loans. It is also one of the fastest ways to acquire teacher student loan forgiveness as you can apply for forgiveness after your first 5 years working at a qualifying school. The qualifications are a lot less stringent than the Public Service Loan Forgiveness as well.