Student Loan Forgiveness For Teachers [The Ultimate Guide]

– [Narrator] Compared to other careers, teachers have the most options
for student loan forgiveness. That’s awesome. But it can also be confusing. With so many programs and requirements, student loan forgiveness for teachers is a complicated subject. Get it, subject? Ah, sorry, lame teacher joke. If you’re a teacher, you
have four main programs to get student loan forgiveness. You also have a secondary avenue for student loan forgiveness
based on your repayment plan. Given that the average
teacher makes around $38,727, and the average student loan
debt in 2017 was $37,000, any help teachers can get is essential. Let’s break down the four main paths to student loan forgiveness for teachers. Option one, public service
loan forgiveness, PSLF. Public Service Loan Forgiveness, PSLF, is one of the best ways to
get student loan forgiveness. This program allows you to get complete federal student loan forgiveness after 120 qualifying payments. Any teacher at any school qualifies. In fact, any worker at a school qualifies, whether you’re a
librarian, teacher’s aide, principal, or a janitor. There are three major
requirements for PSLF. You must have certified employment for 120 payments or 10 years. Your loans are direct loans. Other loan types, such
as FFEL, don’t count. You must be in a qualifying
10 year repayment plan, such as IBR, PAYE, RePAYE,
ICR, and certain payments made under the graduated plan. Option two, Teacher Loan Forgiveness. Teacher Loan Forgiveness is
a program that was started before PSLF, and allowed
teachers at qualifying schools to have up to $17,500 of
your direct or FFEL loans forgiven after five years. Here are the major requirements for Teacher Loan Forgiveness. Complete five consecutive
years of employment at a qualifying school. The five years must be
completed after 1998. Certain teachers get up to
$17,500, others up to $5000. If you’re a highly qualified secondary math or science teacher, or special education
teacher, you can receive up to $17,500 in forgiveness. Once you’ve completed your
five consecutive years, you can apply for forgiveness
under the program. You can combine both PSLF
and Teacher Loan Forgiveness, just not at the same time. For example, you’d need to work five years and do Teacher Loan Forgiveness, then 10 years and apply for PSLF. Option three, Perkins
Teacher Loan Forgiveness. If you have Perkins loans,
you can get forgiveness up to 100% of your loan balance if you teach full time
in a low income school or teach certain subjects. With Perkins loans, you can
see your entire loan balance forgiven over five years. The great thing about this program is that it issues loan forgiveness in increments. Here’s how it breaks down. Year one, 15% forgiveness. Year two, 15% forgiveness. Year three, 20% forgiveness. Year four, 20% forgiveness. Year five, 30% forgiveness. Here are the key requirements for Perkins Teacher Loan Forgiveness. You must teach at a low income
school or certain subjects. The qualifying subjects
include math, science, foreign language, bi-lingual
studies, and others that have been determined to
be in shortage in your state. Private schools are potentially eligible. If your school is a 501(3)(c) non-profit, it is eligible under this program. Option four, state-based loan
repayment assistance programs. 45 states and the District
of Columbia all offer state-based student loan
repayment assistance programs. These programs are designed to help states staff teachers in areas or programs where they have shortages. We have a complete list of state-based student loan forgiveness programs
at It’s important to note
that while you may qualify for multiple programs, you
cannot overlap programs. For example, if you qualify
for a state-based program, you cannot qualify for
PSLF at the same time. Secondary ways to get student
loan forgiveness for teachers. Aside from these student
loan forgiveness programs, there are secret student
loan forgiveness options that most teachers don’t realize. This secret is that all
income-based repayment programs, including IBR, PAYE,
RePAYE, ICR all include student loan forgiveness
on any remaining balance after the repayment period,
typically 20 or 25 years. These programs are automatically part of your repayment
plan, and you don’t have to do anything to sign up, other than continue to maintain eligibility
on the repayment plan. So, if you somehow
don’t qualify for one of the forgiveness programs
listed above, don’t give up. It will just be a longer process. If you need professional
help with your student loans, has a
lot of great resources and online applications
where you can apply for these programs. If you don’t qualify for loan forgiveness, Credible enables you to fill out one form and look at personalized
offers from multiple lenders. If you’re not quite sure where to start, or what to do, consider
hiring a CFA to help you with your student loans. We recommend the Student Loan Planner to help you put together
a solid financial plan for your student loan debt. If you’re a teacher with student loans, there is a lot of free money
out there for the taking. To learn how to get your share, visit us at

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8 thoughts on “Student Loan Forgiveness For Teachers [The Ultimate Guide]

  1. So when is the conversation going to turn on College and Universities charging for courses that can not be repaid. Why is it always the US Governments problem? Seriously, what the hell. This is not just teacher debt but all university debt. Cost is too high that they cannot afford to pay for it. TIme to go back to the Universities and tell them they created a problem and the student took advantage of it. I have a hard time having to pay for someone else's debt when I paid for my own. Screw that. Pay your own way or talk to the schools and have them address the problem. But the Democrats don't want to talk to the source of the problem they want to use it as politics. I say no.

  2. College is the only professional self-respectful act a Teacher has done and now us tax payers have to pay for that too? So much for personal responsibility. Based on international education standings and national test results I'm more inclined to believe that its the Teachers who owe the tax payers.

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