The teacher loan forgiveness program is an initiative by the government of the United States of America where a considerable portion of the loan of a teacher is forgiven. It comes under the Federal Student Aid program of the government.
If you have been a teacher for five consecutive years in a low-income education agency or school, you can apply for the teacher loan forgiveness with some additional requirements.
How to apply for application?
You can apply for the teacher loan application by applying to your loan servicer. To apply for the loan, you need to follow these steps:
- Go to the Federal Student Aid website.
- After that scroll down to the bottom of the entire page till you find the heading “How and when do I apply for teacher loan” and then click on the line “Teacher Loan Forgiveness Application”.
- After clicking on this application you will download a PDF which you need to fill and submit to your loan servicer.
The application requirements are:
- The teachers should be able to show proof of their completion of 5 years.
- The teachers must also be able to furnish proof that they have been teaching in a low-income school or agency.
Who is eligible?
The people eligible for the loan are:
- Any individual should be a teacher at a low-income school or educational institute for 5 consecutive years.
How to Check Application Status?
To check the application status of the teacher’s loan forgiveness, you need to follow these steps:
- Go to the official website of Federal Student Aid and provide the login credentials.
- After that click on “Application Status” to check the same.
How long to process teacher loan forgiveness?
The application gets processed as soon as the relevant documents get verified.
How much is teacher loan forgiveness?
The maximum limit for the teachers’ loan forgiveness is $17,500.
Do preschool teachers qualify for loan forgiveness?
Yes, the preschool teachers will qualify for the teachers’ loan forgiveness.
Does head start teachers qualify for loan forgiveness?
Just like the preschool teachers the head start teachers also qualify for the teachers’ loan forgiveness.