What is the best student loan forgiveness option for teachers?
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Public Service Loan Forgiveness (PSLF) is often the best option, but there are other student loan forgiveness programs for teachers to consider.
If you have federal student loans and work as a teacher, you may be eligible for several loan forgiveness options. PSLF allows qualifying federal student loans to be forgiven after 120 qualifying payments for people working in public service, like many teachers.
Highly-qualified teachers in certain low-income schools may be eligible for a different loan forgiveness program, called the Teacher Loan Forgiveness (TLF) Program, that provides $5,000 in loan forgiveness after the completion of five consecutive academic years as an elementary or secondary school teacher. Highly qualified math, science, or special education teachers may be eligible for up to $17,500 in loan forgiveness after the completion of five academic years as a teacher in an eligible school. You can potentially receive forgiveness under both TLF and PSLF but not for the same period of teaching service .
Additionally, if you have a Federal Perkins loan the program has a cancellation option for teachers.
For borrowers with high student loan debt, it may still make sense to pursue Public Service Loan Forgiveness, which does not have a debt limit for forgiveness. Learn more about PSLF .