Student Loan Forgiveness
Teacher Loan Forgiveness vs. PSLF
| Teacher Loan Forgiveness (TLF) | Public Service Loan Forgiveness (PSLF) | |
| Bottom Line | This program is best for qualifying teachers who don’t have a large amount of debt, as TLF offers less forgiveness but offers it quicker. | This program is best for teachers who have a lot of debt, as PSLF offers more forgiveness but requires 120 qualifying payments. |
| Who Qualifies? | Teachers who have taught full-time for five consecutive years at a qualifying low-income elementary or secondary school qualify. | Anyone who has worked in qualifying public service for at least 10 years. Qualifying public service includes working for a government employer (public school); working for an organization that is tax-exempt under Section 501(c) (3) of the Internal Revenue Code (nonprofit school); or serving as a full-time AmeriCorps or Peace Corps volunteer. |
| How Much of My Loans Are Forgiven? | Secondary math, science, and special education teachers can get up to $17,500 forgiven; elementary school teachers and secondary school teachers who teach other subjects can get up to $5,000 forgiven. | The remaining balance on your Direct Loans is forgiven. There is no limit on the total amount that can be forgiven. Other types of federal student loans may become eligible if you consolidate them into a Direct Consolidation Loan. |
| When Can I Receive Forgiveness? | You’ll receive forgiveness once you’ve made your five complete and consecutive years of teaching. | You’ll receive forgiveness once you have made 120 qualifying student loan payments while working full-time for a qualifying employer (roughly ten years). Note: These 120 qualifying payments do not have to be consecutive. |