Federal Teacher Loan Forgiveness Program
Public Service Loan Forgiveness
In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers.
For more information regarding this program please visit the Federal Student Aid website at www.studentaid.ed.gov.
The Teacher Loan Forgiveness Program is a national program that will forgive $5,000 of student loans for teachers and $17,500 of student loans for math, science, or special education teachers.
The applicant must work for five consecutive years as a full time teacher in a low income school before applying. The application is sent directly to the student’s loan holder after completing five consecutive years of service. For more information regarding this program and a list of qualified low income schools please visit the Federal Student Aid website at www.studentaid.ed.gov.
Students may be eligible for cancellation of up to 100% of a Federal Perkins Loan if they have served full time in a public or non-profit elementary or secondary school system as a:
- Teacher in a school serving students from low-income families; or
- Special-education teacher, including teachers of infants, toddlers, children, or youth with disabilities; or
- Teacher in the fields of mathematics, science, foreign languages, bilingual education, or in any other field of expertise determined by a state education agency to have a shortage of qualified teachers in that state.
For more information and procedures regarding this program please visit the Federal Student Aid website at www.studentaid.ed.gov.