November 11, 2021

Does Teach For America Forgive Student Loans?

Forgiveness

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.

Use Chipper for Lower Payments

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Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

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