Teacher Loan Forgiveness is a federal forgiveness program for loans available to teachers who have taught full-time for five complete and consecutive academic years in a low-income school or educational service agency. In order to be eligible for Teacher Loan Forgiveness:
- You must NOT have had an outstanding balance on Direct Loans or Federal Family Education Loan (FFEL) Program loans as of Oct. 1, 1998, or on the date that you obtained a Direct Loan or FFEL Program loan after Oct. 1, 1998.
- You must have been employed as a full-time, highly qualified teacher for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
- You must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students (a "low-income school or educational service agency").
- The loan(s) for which you are seeking forgiveness must have been made before the end of your five academic years of qualifying teaching service.*
The Savi tool also automatically syncs your current loans to determine whether they are eligible for Teacher Loan Forgiveness.
*All information related to Teacher Loan Forgiveness eligibility originates from the Department of Education.
For more information, visit Federal Student Aid: Teacher Loan Forgiveness