There are several options for loan forgiveness available to teachers with federal student loans.
These choices include state-sponsored student loan forgiveness programs, teacher loan forgiveness, public service loan forgiveness, and Perkins Loan Cancellation for Teachers.
Unlocking Student Loan Forgiveness For Teachers
If you want to apply for the Teacher Loan Forgiveness Program, you may be eligible for loan forgiveness if you meet certain requirements, such as working five consecutive academic years as a full-time teacher in a low-income school or educational service organization.
As of October 1, 1998, or on the date you received a Direct Loan or FFEL Program loan after October 1, 1998, you must not have had any outstanding balances on Direct Loans or Federal Family Education Loan (FFEL) Program loans in order to be eligible for loan forgiveness.
You must also have worked as a highly qualified full-time teacher for five complete academic years in a row, at least one of which must have been after the 1997–98 school year.
Your employment must have been at an elementary school, secondary school, or educational service organization (often referred to as a low-income school or educational service organization) that serves low-income pupils.
Last but not least, the loan or loans you are asking for forgiveness for must have been disbursed before the end of your five years of acceptable teaching service.
Read more: Rethinking Student Loan: Biden’s Plan B Emerges After Supreme Court Ruling
Supreme Court’s Loan Forgiveness Ruling
Anger and activism among progressive lawmakers and unions have been fueled by the recent United States Supreme Court ruling that Joe Biden’s 430 billion dollar student loan forgiveness program is unconstitutional.
Joe Biden’s proposal to relieve some of the 40 million Americans who have student loan debt was rejected by the court on a 6-3 vote by its conservative justices.
In response, New York lawmaker Alexandria Ocasio-Cortez emphasized that Joe Biden still has the power to pursue Student Loan Forgiveness.
Read more: The Final Hour Approaches for Student Loan Borrowers