Is Public Service Loan Forgiveness the best option for Teachers?
Certain teachers may be eligible for loan forgiveness up to a certain limit, but the Public Service Loan Forgiveness (PSLF) program may be a better option if you have high student loan debt since it does not have a limit.
in certain low-income schools may be eligible for a different loan forgiveness program that provides $5,000 in loan forgiveness after the completion of five academic years as an elementary or secondary school teacher. Highly qualified math, science or special education teachers may be eligible for up to $17,500 in loan forgiveness after the completion of five academic years as a teacher in an eligible school. For borrowers with high student loan debt, it may still make sense to pursue , which does not have a debt limit for forgiveness.
Update! On Oct. 6, 2021, the U.S. Department of Education (ED) announced a temporary period during which borrowers may receive credit for payments that previously did not qualify for PSLF or Temporary Expanded Public Service Loan Forgiveness (TEPSLF).
Under the Public Service Loan Forgiveness (PSLF) Limited Waiver if you received , the period of service that led to your eligibility will also count towards PSLF. You must certify employment for the same period that you received TLF. To certify your employment, submit a by October 31, 2022 to receive credit towards the PSLF Limited Waiver.