Loan forgiveness | Teachers
What student loan forgiveness programs are available for teachers?
There are many programs available on the state level for many different careers. Click here to find current programs and
qualifications in your state. Below you will find a brief summary of the two main federal programs available for forgiveness of student loans. They are the Federal Perkins Loan Teacher Cancellation and the Stafford Loan Forgiveness Program for Teachers.
How much can be forgiven?
Federal Perkins Loan Teacher Cancellation
Up to 100% of loan balance including principal and interest
Stafford Loan Forgiveness Program for Teachers
Up to $17,500
How to qualify?
Federal Perkins Loan Teacher Cancellation – You must be a teacher full-time in the public, nonprofit elementary or secondary school system. Below is a list of other qualifications.
1. You must be a teacher in a school that serves students from low-income families
2. Teach special-education, infants, toddlers, children, or youth with disabilities
3. Teach either mathematics, science, foreign languages or bilingual education
4. Teach in any field of expertise determined by a state education agency to have a shortage of qualified teachers in that state
Stafford Loan Forgiveness Program for Teachers – You must be employed for at least five years in a row and you must complete those years as a full-time teacher at designated low income elementary or secondary school. You do not have to be at the same school for five years. Make sure your school is designated as such by clicking here and then use the search area.
How do I apply?
Federal Perkins Loan Teacher Cancellation – click here for an application (this is a sample. For a specific application contact your lending institution.)
Stafford Loan Forgiveness Program for Teachers – click here for an application
As mentioned before the above is to be used as a quick guide for these two programs. For a more in-depth consideration and complete qualifications please click here for Federal Perkins Loan Teacher Cancellation and here for Stafford Loan Forgiveness Program for Teachers. An easy way to find out your eligibility is to contact your school district’s administration department.