If you are a teacher struggling with the repayment of your student loan, you may be eligible for the federal loan forgiveness program established specifically for teachers employed in a low income school. In order to successfully apply for the teacher’s loan forgiveness program, you must properly understand the criteria and paperwork involved in the process. As financial experts with profound understanding in this area, we offer all the help you need in this regard.
The Teacher Loan Forgiveness Program (TLFP) is designed to attract students to join and work in the noble profession of teaching by forgiving their eligible loans after they have worked fulltime for five consecutive years at a low income school.
How Does It Work?
Under the TLFP program, individuals working at low-income educational service agencies and secondary and elementary schools can get their loans waived off if they work fulltime for five consecutive and complete years as a teacher. All subsidized and unsubsidized Direct and Federal Stafford loans can be forgiven up to a total of $17,500. After completion of a ten year term, full forgiveness can also be granted.
Do You Qualify for TLFP?
There are several general requirements in order to qualify for the Teacher Loan Forgiveness Program, which include:
The applicant must serve a low-income elementary or secondary school or an educational service agency for five years as a fulltime employee. Employment can be with a combination of qualifying schools. At least one of the five years must be after 1997-1998 in order to qualify for principal amount reduction under the TLFP program.
You may receive a principal reduction of $5,000 if:
- You have completed service before October 30th, 2004 and you served as a full-time teacher in mathematics, writing, reading or other areas of the curriculum.
- Your service began on or after October 30th, 2014 and you served as a highly-qualified teacher.
You may receive a principal reduction of $17,500 if:
- You have completed your service before October 30th, 2004, and you served as a highly qualified science or mathematics teacher or as a highly qualified special education teacher.
- Your service began on or after October 30th, 2004, and you were certified as a highly qualified mathematics or science teacher or as a highly qualified special education teacher by the chief administrative officer (CAO) of the school.
The loans eligible for forgiveness under TLFP include:
- Subsidized and unsubsidized Federal Direct loans
- Subsidized and subsidized Stafford loans
You are eligible for Teacher Loan Forgiveness Program only if you have no outstanding balance on any Federal Direct or Stafford loan taken on or before October 1st, 1998. If you are in default on any federal student loan, you need to contact your loan holder and arrange for repayment before applying for TFLP.
How to Apply for TFLP?
Once you have fulfilled all eligibility requirements for the Teacher Loan Forgiveness Program, you can apply for TLFP by filling the Teacher Loan Forgiveness application form. The application also includes a certification section to be filled by the CAO of the school where you worked.
How Global Doc Prep Can Help You?
The Teacher Loan Forgiveness Program is a great incentive to individuals who want to work for the less privileged people of the country. It offers personal rewards to teachers in the form of loan forgiveness. However, the process has complex eligibility requirements that must be fulfilled in order to get qualify for the TLFP program.
Global Doc Prep helps students and other individuals in selecting the best loan forgiveness and loan discharge programs that can reduce their loan debts. We have expert professionals who help you at every step of the loan forgiveness process.
Global Doc Prep can help you determine if you qualify for loan forgiveness under the Teacher Loan Forgiveness program. If you need more information or assistance, call us at (888)538-2201 or fill our online contact form and we will get in touch with you.