Both FFELP and Direct Loans can qualify

Teacher Loan Forgiveness

College graduates who teach full-time in a low-income elementary or secondary school (or educational service agency) for five years may qualify for up to $17,500 in loan forgiveness on their subsidized and unsubsidized Federal Stafford Loans.

Eligibility is limited to highly qualified teachers. Highly qualified teachers have at least a Bachelor’s degree, full state certification as a teacher, and certification or licensing on a permanent basis. Elementary school teachers must also have passed a rigorous state test of knowledge and teaching skills in reading, writing and mathematics. Rigorous state tests can include state-required certification or licensing tests.

Math, science and special education teachers are eligible for up to $17,500 in student loan forgiveness. Other teachers may receive up to $5,000 in student loan forgiveness.

Teacher Loan Forgiveness is stackable with the Public Service Loan Forgiveness program. The same period of teaching service, however, cannot qualify for both loan forgiveness programs.

Borrowers who are in default are not eligible unless they have made satisfactory repayment arrangements with the holder of the loan.

To apply for Teacher Loan Forgiveness, submit a Teacher Loan Forgiveness Application to the loan servicer or servicers. The chief administrative officer at the school to educational service agency must complete the certification section of the application form.

Loan Forgiveness for Volunteering

Volunteers with AmeriCorps eriCorps Education Awards which can be used to repay their federal student loans and state student loans. The education awards are worth up to the maximum Federal Pell Grant amount. There is a seven-year limit on using the education awards. Continue Reading