It’s been 7+ years in the making…but the day finally came! My wife and I get to say “good riddance” to $5,000 of student loan debt thanks to the Teacher Loan Forgiveness program.
I think most people carrying any amount of student loan debt have at least heard mention of the federal student loan forgiveness programs at this point…and I’d venture to guess that a good chunk of people are even relying on these programs to help provide some relief to the student loan burden.
The Teacher Loan Forgiveness (TLF) program is only one of the several federal student loan forgiveness programs available through the US Dept. of Education. The TLF program requires teachers to be employed in a qualified low-income school for five complete and consecutive years. Once the service requirements are met, teachers can have up to $17,500 (amount depends on the subject area taught) of their Direct or Stafford Loans forgiven.
If you’re doing the math in your head…yes, it took seven years of teaching in qualified schools before my wife’s loans satisfied the five-year requirement. Also, if you thought that last paragraph was clear as mud, know that you are not alone in that thought. The student loan forgiveness programs are notorious for their specific (yet confusing) set of requirements and their adherence to them.
In my wife’s case, a three-month gap between teaching contracts after her first year of teaching reset the TLF Program’s service requirement clock. So, although she has taught 7 years at qualifying schools, the first two years didn’t qualify because they didn’t meet the complete and consecutive requirement…a detail we didn’t know until applying for forgiveness after her fifth year of teaching. It’s these finer details that many people (like us) won’t discover until they apply for forgiveness and receive a rejection letter from the Dept. of Education.
If you’re eligible for Teacher Loan Forgiveness, Public Service Loan Forgiveness, or another federal program, I highly encourage you to take a moment to examine the details and requirements today and avoid any confusion and frustration 5-10 years from now. Not sure where to start? This blog post from the Dept. of Education is a good starting point to learn the basic requirements.
Despite all the requirements and hurdles though, if all the “i’s” are dotted and the “t’s” crossed, the program works and the student loan forgiveness is real. Be cautious, be attentive but be hopeful!