Is Public Service Loan Forgiveness the best option for Teachers?

Highly-qualified teachers  in certain low-income schools may be eligible for a different loan forgiveness program that provides $5,000 in loan forgiveness after the completion of five academic years as an elementary or secondary school teacher. Highly qualified math, science or special education teachers may be eligible for up to $17,500 in loan forgiveness after the completion of five academic years as a teacher in an eligible school. For borrowers with high student loan debt, it may still make sense to pursue Public Service Loan Forgiveness , which does not have a debt limit for forgiveness.

Update! On Oct. 6, 2021, the U.S. Department of Education (ED) announced a temporary period during which borrowers may receive credit for payments that previously did not qualify for PSLF or Temporary Expanded Public Service Loan Forgiveness (TEPSLF). For current PSLF guidance and to learn more about this limited time opportunity visit ED’s website.

Under the Public Service Loan Forgiveness (PSLF) Limited Waiver if you received Teacher Loan Forgiveness (TLF) , the period of service that led to your eligibility will also count towards PSLF. You must certify employment for the same period that you received TLF. To certify your employment, submit a PSLF form  by October 31, 2022 to receive credit towards the PSLF Limited Waiver.

The U.S. Department of Education offers more information about loan forgiveness for teachers  and PSLF.