Under the Teacher Loan Forgiveness Program, if the borrower is a full time teacher for five complete and consecutive academic years in a low-income school or educational service agency, and meets other qualifications, they may be eligible for a forgiveness of up to $17,500 on their Direct Subsidized and Unsubsidized Loans and their Subsidized and Unsubsidized Federal Stafford Loans.
If the borrower has a Direct Consolidated Loan or a Federal Consolidated Loan, they may be eligible for forgiveness of the outstanding portion of the consolidated loan that repaid an eligible Direct Subsidized Loan, Direct Unsubsidized Loan, Subsidized Federal Stafford Loan, or Unsubsidized Federal Stafford Loan.
To qualify, borrower must have an outstanding balance on Direct Loans of Federal Family Education Loan (FFEL) Program. They must have been employed as a full-time teacher for five complete and consecutive years. Other detailed restrictions apply. If loans are in default , they are not eligible for forgiveness of that loan unless they have made satisfactory repayment arrangement with the holder of the defaulted loan.
Forgives up to $17,500 of your Direct or FFEL Subsidized or Unsubsidized Loans after 5 complete and consecutive years of teaching at a qualifying school.