Teaching can be one of the most rewarding and fulfilling careers. But the cost of a college education is high, and many educators find themselves struggling to pay off their student loans. Fortunately, there are several loan forgiveness programs for teachers specifically designed to help them with loan repayment.
Federal Public Service Loan Forgiveness Program
The Federal Public Service Loan Forgiveness Program provides loan forgiveness to teachers who have worked full-time in a public school or education-related organization for at least 10 years. To qualify, teachers must be employed in a qualifying position and must have made 120 on-time, full, consecutive payments under a qualifying repayment plan. After 10 years, the remaining balance on the loan is forgiven.
Teacher Loan Forgiveness Program
The Teacher Loan Forgiveness Program provides loan forgiveness to teachers who have taught full-time for five consecutive years in a low-income school or educational service agency. To qualify, teachers must have taught in an elementary or secondary school that was listed in the Department of Education’s Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. The maximum amount of loan forgiveness available under this program is $17,500.
Perkins Loan Cancellation for Teachers
The Perkins Loan Cancellation for Teachers program provides loan forgiveness to teachers who have worked full-time in a low-income school or educational service agency for five consecutive years. To qualify, teachers must have taken out a Perkins Loan while attending college and must have worked in a qualifying school or agency for five complete and consecutive academic years. The maximum amount of loan forgiveness available under this program is 100% of the loan principal and interest.
State-Sponsored Loan Forgiveness Programs
Many states also offer loan forgiveness programs for teachers. These programs vary depending on the state, but typically offer loan forgiveness to teachers who have worked in a public school or state-sponsored educational institution for a certain number of years. Loan forgiveness under these programs can range from a few thousand dollars to tens of thousands of dollars.
Conclusion
Teachers who are struggling with student loan debt have several options for loan forgiveness. The Federal Public Service Loan Forgiveness Program, the Teacher Loan Forgiveness Program, the Perkins Loan Cancellation for Teachers program, and state-sponsored loan forgiveness programs are all available to help teachers manage their student debt. With a little research, teachers can find the best program to fit their individual needs.