Teacher Loan Forgiveness (TLF) Program: This program can forgive up to $17,500 in federal student loans for teachers who meet these requirements:
* Teach full-time for five complete and consecutive academic years in a low-income school or educational service agency. "Full-time" and "low-income" have specific definitions within the program guidelines.
* Teach in a subject area with a national shortage of teachers. This is not always required, depending on the specifics of the school and the year you apply.
* Receive federal student loans. Loans from private lenders don't qualify.
Important Considerations:
* Application: You must apply for the TLF program; forgiveness doesn't happen automatically. There's a specific application process and deadlines.
* Verification: The program verifies your employment and the low-income status of the school. This can take time.
* Changes in the program: The program's requirements and availability can change. Always check the official Department of Education website for the most up-to-date information.
* Other Programs: There may be other state or local loan forgiveness programs for teachers that you should investigate, depending on where you teach.
In short: While teaching at a low-income school *can* lead to student loan forgiveness through the TLF program, you must meet all eligibility requirements and actively apply for the forgiveness. Don't assume it will happen automatically. Research the program carefully and contact your loan servicer or the Department of Education for the latest information.