Public Service Loan Forgiveness for Teachers

We understand how crippling student debt can be, and we’re here to help. With Public Service Loan Forgiveness for teachers, you can get on the right track to financial freedom. Read below to understand this program and how we can get you the expert assistance you need.

With the Public Service Loan Forgiveness Program for teachers, 100% of your Direct Loans could be eliminated. To qualify, you must be employed full-time by a non-profit educational institution (not necessarily a 501(c)(3) tax-exempt organization), you must make 120 payments after Oct. 1, 2007, and the payments must be made through one of the specific repayment plans.

What Is Full Time Employment For Teachers?

“Full-time” does NOT mean you must work 12 months/year. As teachers, you have a different schedule than most full-time employees. Since those off months are part of your contract, you are still considered to be “working.” Similarly, payments made during the summer count towards the 120 qualifying payments needed.

If you work for a public school, your employer is a qualified employer. For private schools/universities, most are non-profit and would also qualify. However, a for-profit private school would not fall under this program. What type of organization you work for has more weight in your application than your actual role.

Which Loans Qualify?

Only Direct Loans can be forgiven under Public Service Loan Forgiveness for teachers. Private loans are not eligible, and other federal loans would need to be consolidated into a new Direct Consolidation Loan to fall under this program. Fortunately, consolidating your loans can be an easy process. We can connect you with the right specialists to get this under way. Contact us for a free assessment of your loan situation. And to check what types of federal loans you have, click here.

What Are The Repayment Plan Options?

The four most common qualifying payment plans are: Income Based Repayment (ICB), Income Contingent Repayment (ICR), Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE). All of these plans take your income into consideration when calculating your monthly payment which is helpful if your salary is low. For more details on the various plans, check out our dedicated Public Service Student Loan Forgiveness Program page.

Next Steps

If you have not done so, fill out an Employment Certification form for each school at which you have worked. Be sure your employer includes the summer months when reporting your dates of employment.

If you have already made 120 qualifying payments, congratulations! Take note – until your application is processed, you must remain working at a qualified employer until such time as your loans are forgiven.

Contact Us

We know understanding all the rules of Public Service Loan Forgiveness for teachers can be quite confusing and convoluted. Contact us today for help demystifying the process!