March 27, 2020

PSLF vs. TLF

Forgiveness

Two of the most popular loan forgiveness programs for teachers are the Public Service Loan Forgiveness (PSLF) Program and the Teacher Loan Forgiveness Program (TLF). Teachers should definitely take advantage of at least one of these programs, but the key is choosing ahead of time which program is right for you. Both programs have specific requirements involving a number of years in repayment, so deciding early will save you a lot of time and money.

Public Service Loan Forgiveness Program:

The PSLF Program is a student loan forgiveness program for full-time public service employees that have Federal Direct Loans. Borrowers must be enrolled in an Income-Driven Repayment (IDR) Plan and make 120 qualifying payments. If these requirements are met, the remaining student loan balance will be completely forgiven.

Is this program right for you?

If you are a public school teacher and owe more than $30,000 in student loans, PSLF is probably best for you. By pursuing this program you can cap your required monthly payments in proportion to your monthly income. After 120 qualifying payments (10 years), you can be eligible for complete student loan forgiveness. On the other hand, 10 years is a long time.

Teacher Loan Forgiveness Program:

The Teacher Loan Forgiveness Program (TLF), is a program for full-time teachers who have completed five consecutive academic years at a Title 1 school. Depending on the subject taught, eligible teachers may have $5,000 or $17,500 of their loans forgiven.

Is this program right for you?

If you owe $30,000 or less and are a highly-qualified mathematics or science teacher at the secondary level, or a special education teacher at any K-12 level, TLF might be better as you would qualify for $17,500 of forgiveness. If you do not teach mathematics, science, or special education, you could still have $5,000 forgiven if you taught at a Title 1 school(s) for 5 years.

Take Advantage of Both Programs:

It is possible to take advantage of both programs, but you can’t use the same time period to qualify for them. If you decide to pursue Teacher Loan Forgiveness first, you will need to complete the required five years of teaching service and then you will need to spend another 10 years repaying toward the Public Service Loan Forgiveness Program. Rest assured, most people do not choose to pursue both forgiveness programs, it’s normally one or the other.

Don’t Wait!

We can help you determine which program is best for you through your Chipper dashboard. We'll help you apply for the plan and program that you choose! Make sure you max out your forgiveness potential with Chipper Concierge!

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

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.

See How Much You Can Save with Round-Ups

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