Student Loan Forgiveness For Teachers

Teacher Loan Forgiveness Options Expanded

New Changes Expand Eligibility for Loan Forgiveness

Four Forgiveness Programs Available to Eligible Educators

The Federal Student Aid (FSA) has implemented significant changes to the Public Service Loan Forgiveness (PSLF) Program, effective July 1, 2023. These changes have expanded eligibility for loan forgiveness to a wider range of teachers and educators.

In addition to the PSLF Program, teachers may also qualify for the Teacher Loan Forgiveness (TLF) Program, the Perkins Loan Forgiveness Program, and the TEACH Grant. Each program has its own eligibility requirements and forgiveness amounts:

• PSLF Program: Up to 120 qualifying payments made while working full-time in public service, including teaching in low-income schools.
• TLF Program: Up to $17,500 in forgiveness for teachers who work full-time for five consecutive years in low-income schools.
• Perkins Loan Forgiveness Program: Up to 100% forgiveness for teachers who work full-time for five consecutive years in low-income schools.
• TEACH Grant: Up to $16,000 in forgiveness for teachers who commit to teaching for four years in high-need subject areas in low-income schools.

These programs provide valuable opportunities for teachers to reduce or eliminate their student loan debt. Educators who are interested in these forgiveness programs should contact their loan servicer to determine their eligibility and apply.