Is Public Service Loan Forgiveness the best option for teachers?
While Public Service Loan Forgiveness (PSLF) is often the best option, there are other loan forgiveness programs for teachers that you can consider.
Highly-qualified teachers in certain low-income schools may be eligible for a different loan forgiveness program, called the Teacher 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 Public Service Loan Forgiveness, which does not have a debt limit for forgiveness and will eliminate a borrower’s remaining Direct Loan balance after 120 qualifying payments (10 years).
UPDATE! Visit Department of Education’s (ED) website for the latest PSLF guidance .