Are you an educator in the Teach for America program? Are you looking for a way to pay off your student loans? If so, you might be considering a student loan forgiveness program to remove a large part of your financial obligations.
Having graduated college, you may be among the millions of students who are in student loan debt. [According to the latest statistics by Education Data](https://educationdata.org/student-loan-debt-statistics#:~:text=43.2 million student borrowers are,%2437%2C105 for their federal loans.), the United States is home to at least 43.2 million student loan borrowers. With loans looming in the trillions, it is clear that paying off loans is a pain point for many graduates.
Does Teach For America forgive student loans? The answer to this question is, unfortunately, not automatically. Before you lose hope, though, know that your involvement in the program makes you eligible for other loan forgiveness and repayment programs.
Read on to learn more. Here are your top three options for student loan forgiveness under Teach For America:
Student Loan Forgiveness Through the PSLF
Teach For America is a non-profit organization. As a non-profit organization, Teach For America allows its members to apply for federal loan forgiveness programs. One such program is the Public Service Loan Forgiveness (PSLF) program.
The PSLF is open to employees of government or non-profit organizations like Teach For America. To qualify, you should have already made 120 payments towards your federal student loan. It is important to note that only loans made after October 1, 2017, can qualify.
Stafford Student Loan Forgiveness Program
Do you have at least five years of full-time teaching experience under your belt? If you have answered “yes,” then consider applying for the Stafford Loan Forgiveness Program.
This student loan forgiveness program is for teachers who serve in certain schools. These schools need to be in low-income areas. Under the Stafford Loan Forgiveness Program, you can apply to have $17,500 removed from the amount you need to pay back.
Applying is pretty straightforward. You just need to fill out an application for the loan forgiveness program. This application needs to go to the chief administrator of the school in which you are employed.
Perkins Student Loan Forgiveness
The National Defense Education Act gives full-time teachers a chance to have a portion of their Perkins loans forgiven. Perkins Loan Forgiveness is open to full-time teachers who serve low-income communities.
The Perkins loan forgiveness program offers loan forgiveness in increasing increments for years of service. The first year of teaching under the program deducts 15% from your student loan. After the third and fourth years, 20% will be forgiven. The fifth-year takes out 30% of the outstanding loan balance.
Wrapping Up: Does Teach For America Forgive Student Loans?
Teach For America may not have its own loan forgiveness program, but being a part of this non-profit organization entitles you to apply for federal loan forgiveness programs.
Apply for any of the above-mentioned student loan forgiveness programs, and see where you qualify. Qualify for one, and you will be on your way to less student loan payments or none at all.