What is Teacher Loan Forgiveness ?
The Teacher Loan Forgiveness program is a student loan forgiveness program by the United States Department of Education. This program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, teachers who provide direct classroom teaching, or classroom-type teaching in a non classroom setting[1] full-time for five complete and consecutive academic years in a Title 1 eligible school or school district may be eligible to receive loan forgiveness for their federal student loans.
The Teacher Loan Forgiveness program (TLF) is a form of student loan forgiveness that is separate from the Direct Loan or Obama Student Loan Forgiveness program. This program awards educators with a principal reduction of their federal loans. It was designed to encourage students to enter the education field and to incentive teachers to continue teaching.
Can I receive from Teacher Loan Forgiveness?
The Teacher Loan Forgiveness program is one of the most beneficial student loan forgiveness options.
For one, qualifying teachers receive a tax-exempt principal reduction of either $5,000 or $17,500 on their federal loans. This drops their overall loan balance, making monthly loan payments smaller and thus more manageable. For some teachers, this eliminates their federal student loan balance altogether.
The second perk of the teacher loan forgiveness program is that it allows teachers to remain eligible for the Public Service Loan Forgiveness program. Under this program, their remaining federal loan balance would be forgiven after 10 years of on-time payments.
This means teachers get a principal reduction after five years and then complete forgiveness after an additional 10 years. Compared to the standard forgiveness term of 20 to 25 years, this is a great option.
Do Teachers Qualify for Student Loan Forgiveness?
Yes, absolutely. Whether you’re considering going into the teaching field or you’re already in the classroom, you know that the education requirements for teachers call for at least a few years in school.
Luckily, there are several options for federal student loan forgiveness for teachers to offset some of the debt, and some programs offer relief solely to teachers.
And considering that Americans collectively hold over $1.5 trillion in student loan debt as of 2018†, there are a good number of loan forgiveness programs.
How do you apply for TFLP?
The main requirement for eligibility for student loan forgiveness programs for teachers is that your job role must fit within Federal Student Aid’s definition of a teacher. What does that mean? The federal government describes a teacher as having the following responsibilities, depending on the forgiveness program. We’ll deep dive into each of these programs throughout this article to better understand what is required of you.
- You must have been employed as a full-time teacher at an eligible school for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
- PLUS loans and Perkins loans are not eligible to be forgiven through this program.
- Any time you spent teaching to receive benefits through AmeriCorps cannot be counted toward your required five years of teaching for Teacher Loan Forgiveness.
- You apply for teacher loan forgiveness after you have completed the five-year teaching requirement.
The Teacher Loan Forgiveness Program (TLFP) offers personal rewards to teachers in the form of loan forgiveness. working for more than 40 hours a week for the public sector as a teacher can offer great benefits in the Teachers loan forgiveness Program.
Tactical development Solution LLC helps Past Present and current students that has federal student loans to discharge programs that can Lower their Federal student loan debts. We have a team of e professionals that will guide you each step pf the way when getting enrolled for the program.
Tactical Development Solution LLC helps you determine what your qualifications are and if you have a federal Student loan and get will will offer you assistance in getting enrolled Teacher Loan Forgiveness program.
If you need any assistance or if you have any questions quires or concerns please feel free to contact us at(800)-385-8054 you can also fill our online contact form and we will get in touch with you.