Student Loan Forgiveness: Options for Teachers
Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness (PSLF) program allows for the forgiveness of federal student loans for those who work in public service jobs, including teachers. To qualify for PSLF, you must work for at least 10 years in a full-time position at a qualified public service organization, and you must make 120 qualifying payments on your loans. Federal Student Aid implemented regulatory changes to the PSLF Program effective July 1, 2023.
Teacher Loan Forgiveness
Teacher Loan Forgiveness is a federal program for educators who work in low-income schools. To qualify, you must teach full-time for at least five complete and consecutive academic years in a low-income school or educational service agency. You can receive forgiveness of up to $17,500 in student loans under this program.
Perkins Loan Forgiveness
Perkins Loan Forgiveness is a federal program that provides forgiveness for Perkins Loans made to students who teach in low-income schools. To qualify, you must teach full-time for at least five complete and consecutive academic years in a low-income school or educational service agency. You can receive forgiveness of up to 100% of your Perkins Loan balance under this program.
SAVE Program
The SAVE Program is a federal program that provides forgiveness for federal student loans made to students who serve in critical-needs fields, including teaching. To qualify, you must work full-time for at least three years in a critical-needs field, and you must make 120 qualifying payments on your loans. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school.
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