The Teacher Loan Forgiveness program was created in 1998 to encourage teachers to take jobs at elementary schools, secondary schools and educational service agencies that serve low-income families. You need to teach fulltime at a qualifying school for five full and consecutive years.
Then you are eligible to have from ,000 to up to ,500 in loans forgiven.
Note that the 10-year Standard Repayment Plan also is considered a qualifying plan, but because it is a 10-year plan, there won’t be any funds left to forgive.
If you plan to enroll in a PSLF program, you need to enroll in a repayment plan that extends your loan term beyond 10 years.
Be aware that there is an important difference between having a loan “discharged” and having one “forgiven.” Loan forgiveness typically is given to someone who performs works at a qualified job, such as teaching in a high-need area, for a specific length of time and has the amount left on their student loan forgiven.Apply to the program by completing the Teacher Loan Forgiveness Application and submitting it to your loan servicer.Registered nurses, nurse practitioners and members of nursing faculty, who work in high-need population areas or areas where there is a critical shortage could qualify to have up to 85% of their loans forgiven under the NURSE Corps Loan Repayment Program.News stories say that many of the people who thought they had qualified, were denied loan forgiveness because they didn’t meet the prescribed requirements.According to a 2017 report from the Consumer Financial Protection Bureau, more than 550,000 borrowers are expecting to have their loans forgiven.To apply for PSLF, you must fill out a Employment Certification Form every year and make pay stubs, W-2 forms or other documentation available as requested.The first wave of student loan borrowers eligible for loan forgiveness met their final required payment in October of 2017.Certain career choices – teachers, nurses, employees at any branch of local, state or federal government – make you eligible for loan forgiveness or discharge of Direct and Perkins federal loans.Find out if your job or personal situation qualifies and how to apply to have your loan forgiven or discharged.This forgiveness option is available for Direct Federal Student Loans; Direct Plus loans and Direct Consolidation loans.Private student loans are not eligible for Public Service Loan Forgiveness.