Loan Forgiveness -- Teachers

The Teacher Loan Forgiveness Program was instituted by the U.S. Department of Education to encourage individuals to enter and remain in the teaching profession. The Program grants loan forgiveness of up to $17,500 for teachers in certain specialties and up to $5,000 for other teachers, who teach for five years in certain low-income schools and meet other requirements. This forgiveness benefit is available to Direct Loan and Federal Family Education Loan (FFEL) program borrowers who did not have an outstanding balance on a Direct Loan or FFEL Program loan on October 1, 1998, or on the date they obtained a Direct Loan or FFEL program loan after October 1, 1998.