Teachers Loan Forgiveness/Public Service Loan Forgiveness
Teacher Loan Forgiveness
The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full time for five consecutive , complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $17,500 in principal and interest on their FFEL and/or Direct Loan program loans.
(Note: As of August 14, 2008, an otherwise eligible borrower may qualify for forgiveness if the borrower has provided qualifying teaching services at one or more locations that are operated by an educational service agency.)
Public Service Loan Forgiveness
Public Service Loan Forgiveness will forgive remaining federal student loan debt after 10 years of qualifying loan payments and eligible employment. This program is designed for borrowers whose income is low relative to their debt for at least some of their time in a public service job. All loans must be consolidated under the Direct Loan Program to qualify