How to Get Student Loans Forgiven
Know which loans qualify for teacher loan forgiveness., Make your student loan payments faithfully., Teach for five consecutive years in a qualifying school., Maximize your loan forgiveness eligibility by becoming a “highly qualified” teacher., Fill...
Step-by-Step Guide
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Step 1: Know which loans qualify for teacher loan forgiveness.
Most subsidized and unsubsidized federal student loans qualify, but Perkins and PLUS loans do not.
Note that unless you are a “highly qualified” teacher, you’ll only be eligible for $5,000 in forgiveness. -
Step 2: Make your student loan payments faithfully.
It takes at least five years to qualify for teacher loan forgiveness, and it’s important not to fall into default during that time.
Sign up for a repayment plan that works for you, and stay current on your loans.
Document your payments.
In general, it’s best not to trust your loan servicer or the Department of Education to keep accurate records; make sure you log this information independently as well. , To apply for teacher loan forgiveness, you must teach full time for five consecutive years in a school (either elementary or secondary) that the government has identified as serving an especially low-income population.
A school qualifies if:it is in a district that meets the requirements for Title I funding under the Elementary and Secondary Education Act of
1965. 30% of its enrolled students qualify for Title I services. it appears in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits, which you can find at https://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jsp. it is run by the Bureau of Indian Education or on an Indian reservation. , Teachers who meet the criteria for the “highly qualified” designation can get more of their loans forgiven – up to $17,500 total.
These criteria are subject to change and can be dependent on your state and on how long you’ve been teaching.
In general, though:
If you are an elementary school teacher, you are considered “highly qualified” if you hold a bachelor’s degree, pass designated state tests, and obtain full teacher certification (not emergency or temporary certification).
If you are a secondary school teacher, you are considered “highly qualified” if you hold a bachelor’s degree and show expertise in your academic subject matter, either through state testing or through a graduate degree program. , Once you’ve met the requirements, you can simply download and print the application here.
Fill out the first two sections.
You’ll need to provide: your name, address, and other identifying information affirmation that you meet the eligibility criteria information about whether you are “highly qualified” , In order to qualify, your school’s chief administration officer must confirm your eligibility.
Note that if you have fulfilled the requirements by working at more than one school, you’ll need to get additional chief administration officers to provide information.
You can have them do so on a separate piece of paper and attach it to your application. , The application form should not be sent to the Department of Education; instead, you should send it to your loan servicer – the company to which you’ve been making your payments.
If you’ve been making payments on multiple loans to different companies, and you want more than one of them to be considered for forgiveness, you’ll need to send separate forms to each servicer. , Until you know for sure that you’ve been granted forgiveness, you must keep making your regular payments.
Once you know how much of your loan has been forgiven, you can adjust your payments as permitted by your loan servicer. , If you qualify for teacher loan forgiveness, you may also qualify for teacher cancellation.
Under this program, you can have your Perkins loans discharged if you teach full-time for at least a year in a low-income school. -
Step 3: Teach for five consecutive years in a qualifying school.
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Step 4: Maximize your loan forgiveness eligibility by becoming a “highly qualified” teacher.
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Step 5: Fill our your portion of the application form.
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Step 6: Ask your chief administration officer to fill out the third section.
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Step 7: Send the application to your loan servicer.
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Step 8: Continue making your payments until you’ve been notified that your application was successful.
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Step 9: Investigate cancellation options as well.
Detailed Guide
Most subsidized and unsubsidized federal student loans qualify, but Perkins and PLUS loans do not.
Note that unless you are a “highly qualified” teacher, you’ll only be eligible for $5,000 in forgiveness.
It takes at least five years to qualify for teacher loan forgiveness, and it’s important not to fall into default during that time.
Sign up for a repayment plan that works for you, and stay current on your loans.
Document your payments.
In general, it’s best not to trust your loan servicer or the Department of Education to keep accurate records; make sure you log this information independently as well. , To apply for teacher loan forgiveness, you must teach full time for five consecutive years in a school (either elementary or secondary) that the government has identified as serving an especially low-income population.
A school qualifies if:it is in a district that meets the requirements for Title I funding under the Elementary and Secondary Education Act of
1965. 30% of its enrolled students qualify for Title I services. it appears in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits, which you can find at https://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jsp. it is run by the Bureau of Indian Education or on an Indian reservation. , Teachers who meet the criteria for the “highly qualified” designation can get more of their loans forgiven – up to $17,500 total.
These criteria are subject to change and can be dependent on your state and on how long you’ve been teaching.
In general, though:
If you are an elementary school teacher, you are considered “highly qualified” if you hold a bachelor’s degree, pass designated state tests, and obtain full teacher certification (not emergency or temporary certification).
If you are a secondary school teacher, you are considered “highly qualified” if you hold a bachelor’s degree and show expertise in your academic subject matter, either through state testing or through a graduate degree program. , Once you’ve met the requirements, you can simply download and print the application here.
Fill out the first two sections.
You’ll need to provide: your name, address, and other identifying information affirmation that you meet the eligibility criteria information about whether you are “highly qualified” , In order to qualify, your school’s chief administration officer must confirm your eligibility.
Note that if you have fulfilled the requirements by working at more than one school, you’ll need to get additional chief administration officers to provide information.
You can have them do so on a separate piece of paper and attach it to your application. , The application form should not be sent to the Department of Education; instead, you should send it to your loan servicer – the company to which you’ve been making your payments.
If you’ve been making payments on multiple loans to different companies, and you want more than one of them to be considered for forgiveness, you’ll need to send separate forms to each servicer. , Until you know for sure that you’ve been granted forgiveness, you must keep making your regular payments.
Once you know how much of your loan has been forgiven, you can adjust your payments as permitted by your loan servicer. , If you qualify for teacher loan forgiveness, you may also qualify for teacher cancellation.
Under this program, you can have your Perkins loans discharged if you teach full-time for at least a year in a low-income school.
About the Author
Janet Gray
Enthusiastic about teaching DIY projects techniques through clear, step-by-step guides.
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