There are a number of loan forgiveness programs available to teachers. You will note that many of these programs only apply to teachers working in schools that educate low income students. Here is a link to an online database of schools that qualify as a low income school or educational service agency. You will also want to check with your principal or other administrator to find out if your school qualifies.
Perkins Loan Cancellation for K-12 classroom teachers – this program only applies to Perkins Loans. To qualify you must teach for 5 complete and consecutive years at a qualified (low income/educational service) school. Note that teachers at some private schools may qualify. Teachers who qualify include:
- special education teachers
- teachers working in a “designated subject shortage area” – click here for 2013 list
- teachers working in low income schools
- teachers in the fields of math, science, foreign language, bilingual education
Teacher Loan Forgiveness for Direct Loans and Stafford Loans – this program can forgive between $5,000 and $17,500 for qualified teachers who work full time for 5 consecutive years. If your loan is in default, we must cure the default before applying.
- research your school at the TCLI Directory to find out if your school qualifies
- you may receive up to $17,500 in loan forgiveness if you teach math or science in an eligible secondary school
- you may receive up to $17,500 in loan forgiveness if you teach special education in an eligible elementary or secondary school
- you may receive up to $5,000 in loan forgiveness for teaching other subjects in a qualified elementary or secondary school