Jessica Martinsen
Two of the most popular loan forgiveness programs for teachers are the Public Service Loan Forgiveness (PSLF) Program and the Teacher Loan Forgiveness Program (TLFP). 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:
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 of on-time monthly payments is a long time.
Teacher Loan Forgiveness Program:
The Teacher Loan Forgiveness Program (TLFP), 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 borrowers 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, the TLFP 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.
Take Advantage of Both Programs:
Don’t Wait!
Get started toward your choice of forgiveness program today! The quiz below will help you determine which program is best for you. And through our Discover Tool, we can help you apply for the plan and program that you choose.