What is the Student Loan Forgiveness Program for Teachers

As a teacher, you may be eligible for a student loan forgiveness program. Many teachers are unaware of this program and what it can do for you financially. Only a certain group of teachers are eligible, here are the basics of the student loan forgiveness program for teachers and how it works.

How it Works

In order to qualify, your student loan balance has to have started after October 1, 1998. Therefore, if you have been paying on student loans since before that date, those loans would not qualify. Your loans must be in good standing with the lender. If you are in default, you can not qualify for this program. You also have to teach full time for five consecutive years at a qualified institution. 

The district in which you teach for five consecutive years must also qualify for funds under Title 1 of the Elementary and Secondary Act of 1965. If you do not teach in a district that fits those criteria, you will not be able to get your loans forgiven. This program was designed to encourage people to get into teaching, with a targeted interest in areas with low test scores.

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