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5 student loan forgiveness repayment options for teachers

Credible Staff Credible Staff Edited by Ashley Harrison Updated October 6, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Here are 5 ways to receive student loan forgiveness for teacher’s who are working towards a teaching credential or have newly completed a teaching degree program.

1. Federal Public Service Loan Forgiveness (PSLF)

Eligible candidates must be employed by a public service organization defined by the PSLF conditions and be a full time employee (+30 hours a week). Loans under the Direct Loan Program are eligible for forgiveness under the PSLF program after 10 years of repayment including through, Pay As You Earn and Income-Based Repayment (IBR). The repayment timeline began in 2007 so only payments made after this date will contribute towards the 120 payments needed to ensure forgiveness.

2. Federal TEACH Grant Program

Teachers looking to begin a teaching career or further one with a Master’s can apply to the Teach Grant Program for up to $4,000 per year in forgiveness. The conditions of the grant require teaching in a high-need field or schools that serve low-income families for at least four years within an eight-year time window post graduation. Eligible candidates must demonstrate financial need and be in good academic standing.

3. Teacher Loan Forgiveness Program (TLFP)

The program was created to encourage teachers to continue working in primary and secondary schools that serve low-income families. Minimum eligibility requires at least five consecutive years of teaching service and in most cases, the borrower must have Federal Stafford or Federal Direct loan(s) for up to $5,000 in loan forgiveness. Highly qualified applicants can receive up to $17,500 when employed through a school provided in the No Child Left Behind Act in 2001 and teaching mathematics, science or special education.

4. The Federal Perkins Loan Teacher Cancellation

To qualify the borrower must work at a school that is eligible for Title 1 funds or teach in a shortage area subject or special education. If the Federal Perkins Loans are consolidated with any other loans, the benefits will be lost. To get the discharge benefit, one school year must be completed within a 12-month period for a 15% (including interest) cancellation. After years three and four, up to 20% can be canceled and up to 30% for the fifth year.

5. State Repayment programs

Check out what kind of repayment programs are offered in your state. We have compiled a list to help you get started!

Not a teacher? There are many other options for student loan forgiveness.

About the author
Credible Staff
Credible Staff

The goal of the Credible editorial writers and staff is to help our readers get up to speed on issues surrounding student loans, mortgage, and personal finance, so you can make informed decisions. We’re here to help you stay on top of the latest news, trends, concepts, and changes in policy and regulations.

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