Student loan forgiveness for teachers

Student loan forgiveness for teachers

There are several loan forgiveness and repayment assistance programs for teachers. Aside from Public Service Loan Forgiveness and federal Perkins cancellation, there are a few other programs specifically for teachers.

Teacher Loan Forgiveness

This national loan forgiveness program helps teachers pay back their student loans. You must work in a qualifying school for at least five consecutive years. Check out the Teacher Cancellation Low Income directory to see if your school qualifies.

Loan forgiveness amounts vary depending on what subject you teach. Most elementary school teachers receive up to $5,000. Secondary school teachers who teach math, science, or special education could receive up to $17,500 in loan forgiveness.

If you have the qualifying loans, you’ll need to meet some other requirements, including:

You must teach in a qualifying organization. These include elementary and secondary schools — as well education service agencies — that serve low-income people. You cannot have loans that were originated before Oct. 1, 1998, yours loans must not be in default, you  have to work full time as a teacher for five consecutive years, and you’re a highly qualified teacher, meaning you have state certification or a teaching license.

 

Student loan repayment assistance programs for teachers

The Teacher Forgiveness Program isn’t your only option for student loan help. Many states also offer loan repayment assistance for teachers. Most of these programs require state licensure, as well as a commitment to working for two years in a qualifying area.

The Teach for Texas Program, for example, gives yearly assistance to teachers in designated shortage areas.

To find programs in your state, check out the full list of Loan Repayment Assistance Programs (LRAPs) and filter the results by occupation. You can also browse through teacher forgiveness options. Applications are accepted once a year, and guidelines are updated annually. Check the program requirements and guidelines ahead of time and make sure to turn in your application on time.

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