Can Teachers Get Student Loan Forgiveness?

In most states, teachers are required to have at least a bachelor's degree. Unfortunately, teachers are often underpaid, meaning that those who took out student loans can have a hard time repaying them. Students attending college can look into financial aid to cover the cost of a teaching degree, but those who already graduated can reduce student debt they may have incurred.

To help teachers, the government offers a few student loan forgiveness programs. Keep reading to learn more about how teachers can get student loan forgiveness, including Teacher Loan Forgiveness, Federal Perkins Loan Cancellation, and Public Service Loan Forgiveness eligibility.

What Is Student Loan Forgiveness?

Student loan forgiveness happens when the company that issued your student loans chooses to ''forgive'' or eliminate some or all of your remaining balance. When the latter happens, you are free from that student loan debt.

These programs typically come from the U.S. Department of Education for federal student loans. Private student loan servicers rarely forgive student loans except in extreme conditions, such as if the borrower dies or becomes severely disabled.

To qualify for student loan forgiveness, you must meet specific qualifications. Typically, you must also have already made a certain number of qualifying payments.

Can Teachers Access Student Loan Forgiveness?

With teachers in such high demand, there are several student loan forgiveness options available to teachers. Some programs are even specifically for teachers.

Usually, these programs forgive certain types of federal student loans. They also require you to have been employed as a teacher for a certain number of years.

Types of Student Loan Forgiveness Programs for Teachers

There are three primary types of student loan forgiveness programs for teachers: the Public Service Loan Forgiveness Program, the Teacher Loan Forgiveness Program, and the Federal Perkins Loan Cancellation. We've broken down these three below.

Public Service Loan Forgiveness (PSLF) for Teachers

The Public Service Loan Forgiveness program forgives federal student loans for those working for the government or a nonprofit organization. This includes public school teachers, school administrators, school nurses, school librarians, those working for educational service agencies, and more.

Eligibility Requirements

There are several eligibility requirements for the PSLF program. These include:

• be employed by a U.S. federal, state, local, or tribal government or qualifying not-for-profit organization
• work full-time for that agency or organization
• have Federal Direct Loans
• repay your loans under an income-driven repayment plan or a 10-year Standard Repayment Plan
• make a total of 120 qualifying monthly payments; these do not need to be consecutive

There are no specific years of service required to obtain this financial aid, but you must have been working for a qualifying employer while making those 120 payments. So, for example, if you worked at a nonprofit childcare center for a few years before working as a teacher, those years would count.

To learn more about what employers are qualifying employers, what loans qualify, and what is considered a qualifying monthly payment, visit StudentAid.gov.

How To Apply

To apply for the PSLF program, you'll fill out an application and have your employer certify it. You can submit a digital or manual form.

The digital form is available through the PSLF Help Tool. Once you complete your portion, the portal will email your school official so they can sign their portion.

If you choose the manual option, you'll print out the form and fill it out by hand, including having your school official sign it. You can upload it through the StudentAid website, send it as a fax to 540-212-2415, or mail it to the following address:

U.S. Department of Education

P.O. Box 300010

Greenville, TX 75403

Teacher Loan Forgiveness Program (TLF)

The Teacher Loan Forgiveness is another program that the U.S. Department of Education offers. It forgives up to $17,500 on Direct Subsidized and Unsubsidized Loans for teachers who have worked at least five consecutive years in a low-income school or for an educational service agency.

Eligibility Requirements

There are a few eligibility requirements for this program that teachers will need to meet. These include:

• you must have been employed as a full-time, highly qualified teacher for five complete and consecutive academic years, and at least one of those years must have been after the 1997-98 academic year
• you must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students, that is, a ''low-income school or educational service agency''
• the loan(s) for which you are seeking forgiveness must have been made before the end of your fifth year of qualifying teaching service

In some cases, you may be eligible for forgiveness of a portion of a consolidation loan. Additionally, in some cases, a school year may count toward this program even if you didn't complete the year, like if you left for a condition covered under the Family and Medical Leave Act (FMLA).

How To Apply

To apply for the TLF program, you must fill out the Teacher Loan Forgiveness Application and send it to your loan servicer. There is no online portal for this application.

The application is available for download at StudentAid.gov. Your school official will need to certify it before you send it in.

Federal Perkins Loan Cancellation

The Federal Perkins Loan Cancellation can forgive all or part of your Federal Perkins Loan. Neither the PSLF program nor the TLF program forgive Federal Perkins Loans.

You can potentially receive 100% of your loan covered, but the forgiveness amount you receive depends on how many years of teaching you have. It breaks down like this:

• 15% of your loan balance per year for the first and second years of service
• 20% for the third and fourth years
• 30% for the fifth year

Eligibility Requirements

The following teaching and education jobs qualify for the Federal Perkins Loan Cancellation:

• elementary and secondary school teachers
• special education teachers
• preschool or pre-K teachers
• Head Start staff members
• educational services agency staff members
• speech pathologists working in a Title I-eligible elementary school or secondary school
• school librarians working in a Title I-eligible elementary school or secondary school

How To Apply

You must apply for cancellation or discharge of a Perkins Loan directly to the school that made the loan or to the school's Perkins Loan servicer. The school or its servicer can provide forms and instructions specific to your type of cancellation or discharge request.

Loan Repayment Assistance Programs (LRAPs) for Teachers

Loan Repayment Assistance Programs help teachers pay their student loans. Some states provide these for teachers; you can join the LRAP program through MyLRAP.

These programs generally help students pay for their loans until the students earn a salary high enough to pay the loans themselves.

Eligibility Requirements

Eligibility requirements for LRAPs vary depending on the program. Generally, you're expected to be working full-time as a licensed teacher and be working toward making your monthly loan payments.

For MyLRAP, you must be working at least 30 hours a week. You make your loan payments, and at the end of the calendar quarter, can request reimbursement for any payments you made that you need assistance with.

How To Apply

State programs will have application information available on their websites. You can usually find this by searching online or referencing your state's Department of Education website.

MyLRAP is a program that is automatically included in your financial aid award package. It is not something you can retroactively apply for.

FAQs About Loan Forgiveness for Teachers

Below, we've answered some frequently asked questions about loan forgiveness for teachers.

Who Qualifies for the Student Loan Forgiveness?

Eligibility for student loan forgiveness depends on the program you're applying for. The programs and their eligibility are as follows:

• Public Service Loan Forgiveness program: for teachers who have Direct Loans and have made 120 qualifying payments
• Teacher Loan Forgiveness program: for teachers working in low-income schools for at least five years
• Perkins Loan Cancellation: for teachers with Perkins Loans

Visit StudentAid.gov for more information about loan forgiveness eligibility.

Should I Consolidate or Refinance My Student Loans?

In some cases, consolidating or refinancing your loan can be a big help, especially if you're pursuing the PSLF program. Before making this move, consider things like your eligibility for these programs, total loan amount, and interest rates.

Is It Better To Do Teacher Loan Forgiveness or Public Service Loan Forgiveness?

Choosing a TLF or PSLF program depends on your individual circumstances. The TLF requires fewer years of service but is capped at $17,500 and you must be working in a low-income school to qualify. The PSLF may cover your whole payment, but you must make 120 qualifying payments, equivalent to 10 years.

Can You Get Teacher Loan Forgiveness on Private Loans?

Generally, loan forgiveness is not available for private loans. However, some states have loan forgiveness programs for teachers that cover private loans.

Are There Other Loan Forgiveness Options?

As we mentioned, some states offer their own loan forgiveness programs. Check with your state's higher education office or department of education to see if your state offers a program like this.