Teacher Loan Forgiveness
The Teacher Loan Forgiveness Program was designed for those teachers that were
new student loan borrowers on or after October 1, 1998. To qualify, you must
have been teaching at an eligible school for five consecutive years. An
elementary teacher must demonstrate knowledge in reading, writing, and
mathematics and a secondary teacher must be teaching a subject relevant to his
or her major.
Here are the answers to some frequently asked questions about Teacher Loan Forgiveness:
Q. Why does the Teacher Loan Forgiveness Program apply only to those borrowers who took their first student loan after October 1, 1998?
A. The Teacher Loan Forgiveness Program was first created in 1998 in anticipation of future teacher shortages. Borrowers whose first loan was taken prior to October 1, 1998 are not eligible.
Q. I borrowed my first loans prior to 1998, but have paid them off completely. If I returned to school and borrowed new loans after 1998, could I be eligible for Teacher Loan Forgiveness?
A. Yes, if you meet all other Teacher Loan Forgiveness requirements.
Q. How do I know if the school I teach at is eligible for forgiveness?
A. Check out Federal Student Aid Loan Teacher Cancellation. Keep in mind that this list changes yearly.
Q. Can I postpone my student loan payments while I am completing my five years of teaching service?
A. Possibly. Contact your loan holder for more information.
Q. If I qualify for Teacher Loan Forgiveness, will my loan balance be forgiven?
A. Up to $5,000 may be forgiven for qualified borrowers. Balances of less than $5,000 will be considered paid in full.
Q. How do I apply for Teacher Loan Forgiveness?
A. Tto learn more about Teacher Loan Forgiveness or to apply visit the Federal Student Aid website.