February 19, 2020

Teacher Loan Cancellation or Forgiveness

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
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Jonathan Ginsberg

Jonathan Ginsberg has served the Atlanta area community as a personal bankruptcy and student loan debt management lawyer for over 25 years. Contact Jonathan for straight answers to difficult debt problems.