Why is Teacher Loan Forgiveness Important?
Teachers have the option of both Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness (TLF) programs, both being essential opportunities that many teachers rely on when pursuing a career in education. Often times, teacher salaries will not be substantial enough to cover both their living expenses as well as student loan payments, especially starting out. With the help of PSLF or TLF, teachers can pursue careers in education with more peace of mind. But unfortunately, many teachers are not approved for loan forgiveness. In fact, a staggering 99% of loan forgiveness applicants are denied due to various reasons that shouldn’t be as common as they are. Here’s the break down:
Teachers Are Denied Due To Misunderstanding and Lack of Information.
1. 15% are rejected for having ineligible loans
Older repayment plans such as Federal Family Education Loans or Perkins Loans do NOT qualify. However, you can still consolidate these loans into Direct Consolidation loans in order to qualify for PSLF. For TLF, teachers must have Direct Subsidized and/or Unsubsidized Loans, or Subsidized and/or Unsubsidized Federal Stafford Loans.
2. 24% of applicants were rejected due to incorrectly filed forms
Reasons for these mistakes:
3. 55% of people didn’t match all the requirements to receive forgiveness