Back in 2008, when I first started college one of the things that drew me to wanting to become an educator besides the love of children and learning, was that there were student loan forgiveness options. I mean lets be honest most people are not becoming teachers for the income. However, something that I did not know was that there is not only federal forgiveness but also state forgiveness programs for teachers as well as public service student loan forgiveness options.
Public Student Loan Forgiveness (PSLF) is a loan forgiveness program for public service workers. These workers include: Emergency Management, Government (Excluding Congress Members), Military, Public Safety, Law Enforcement, Public Health which includes Nurses and Nurse Practitioners, Social Workers, Early Childhood education including Head Start and Childcare workers. Although this is just a overview of those who qualify you can check with your loan provider to see if your specific job qualifies.
The requirements for PSLF besides an eligible employer is that you must be employed full-time, at least 30 hours per week. However, part-time positions also qualify if your hours add up to 30 hours per week. The borrower must make 120 qualifying payments towards the direct loan while simultaneously working for the qualifying employer. Each year of qualifying you can submit the Public Service Loan Forgiveness Application for Forgiveness (studentaid.gov) form.
The best part about the PSLF is that if you are also an educator you can stack it with the teacher student loan forgiveness if you qualify for it also! The teacher loan forgiveness program is a federal program for educators that work in low income schools, allowing for forgiveness of up to $17,500 in student loans. To qualify for this loan forgiveness program you must have been employed full-time as a teacher for at least five consecutive years. Work at an elementary or secondary school or agency that serves low income students and have federal direct student loans that are not in default. Teacher Loan Forgiveness Forbearance Request (PDF) (studentaid.gov)
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