Congress supplied another motivation to show whenever it established the Teacher Loan Forgiveness Program (TLFP) to encourage people to show in a few primary and additional schools that provide low-income families.
Underneath the TLFP, you teach for five consecutive, complete years at an eligible school, you may qualify to have up to $5,000 ($17,500 for certain highly qualified secondary math and science teachers, and elementary and secondary special education teachers) of your loan balance forgiven if you borrow a Federal Stafford or Federal Direct loans (and in certain cases, a Federal Consolidation or Direct Consolidation loan), and.
Listed below are basic eligibility needs for borrowers searching for instructor loan forgiveness:
- You must certainly not experienced a superb stability for a Federal Family Education Loan Program (FFELP) or Federal Direct Loan Program (FDLP) loan at the time of October 1, 1998, or in the date you obtained a FFELP or FDLP loan after October 1, 1998.
- You’ll want been used as being a full-time instructor for five complete, consecutive educational years at a qualifying location (effective for instructor loan forgiveness applications received on or after August 14, 2008) or a low-income qualified college.