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The Teacher Loan Forgiveness(TLF) program is one of the most beneficial student loan forgiveness options.
For one, qualifying teachers receive a tax-exempt principal reduction of either ,000 or ,500 on their federal loans.
One of these years must be after the 1997-98 academic year.
You must also ensure your loans are in the Direct Loan program.
Unfortunately, many people are not aware that they must be in the Direct Loan program and in one of the correct repayment plans to qualify for this forgiveness.
This means teachers get a principal reduction after five years and then complete forgiveness after an additional 10 years.
Compared to the standard forgiveness term of 20 to 25 years, this is a great option.