What You Need to Know About Teacher Loan Forgiveness
How It Works
Program Details
The Teacher Loan Forgiveness (TLF) Program offers up to $17,500 in student loan forgiveness to eligible teachers. To qualify, you must teach full-time for five consecutive academic years in a high-need subject at a low-income school. The forgiven amount is based on the following schedule:
- $5,000 after the first academic year of service
- $6,000 after the second academic year of service
- $7,500 after the third, fourth, and fifth academic years of service
Eligibility Requirements
To be eligible for TLF, you must meet the following requirements:
- Be a full-time certified teacher in a high-need subject
- Teach at a low-income school
- Have federal student loans
- Have made 120 qualifying monthly payments on your loans
How to Apply
You can apply for TLF through the Federal Student Aid website. The application process is typically open from January to December of each year. The current application period is January 1, 2023 to December 31, 2023.
Benefits of Teacher Loan Forgiveness
TLF can provide you with a significant financial benefit by reducing your student loan debt. This can make it easier for you to stay in your teaching position and continue to serve your students. In addition, TLF can help you improve your credit score and make it easier to qualify for other forms of financial assistance.
Conclusion
If you are a teacher who is struggling with student loan debt, TLF may be a good option for you. This program can provide you with up to $17,500 in student loan forgiveness, which can make a big difference in your financial situation.
To learn more about TLF and to apply, visit the Federal Student Aid website.
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