DOE Loan Forgiveness Programs
Loan-Forgiveness Programs Available to Support Teachers, Aid Recruitment
By Zachary VanHouten
A recent blog
by the U.S. Department of Education highlighted three federal loan-forgiveness programs available to teachers, in addition to programs available at the state level.
- Public Service Loan Forgiveness - Forgives the remaining balance on Federal Direct Loans after 120 qualifying payments (10 years).
- Teacher Loan Forgiveness - Forgives up to $17,500 of Direct or FFEL Subsidized or Unsubsidized Loans after 5 complete and consecutive years of teaching at a qualifying school.
- Perkins Loan Cancellation - Forgives up to 100% of Federal Perkins Loans for those teaching full-time at a low-income school, or teaching certain subjects.