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Teacher Loan Forgiveness

Started by kpaulso, April 13, 2019, 02:17:20 pm

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Graduated college 12/16, Began working as SPED teacher in low income school and am still there ( in my 3rd consecutive yr)

Currently - Direct Consolidated Loan 240 payments, level payments. Current Balance ~$24,300

Direct loans with My Great Lakes - did a Direct loan consolidation early 2017.  When the consolidation was said and done, it was a 20 yr loan.  I was confused, thinking it was a 10 year (120 payments) so called MGL, where I was told all consolidated direct loans were 20 yr term. I don't even recall an option for 10 or 20 yrs when filling out the documents for the consolidation. 

I have emailed MGL annually to verify i'm on the right track for the TLF, with direct consolidation loan.  Each time they have replied back yes. Not once was the discussion/suggestion/warning of income based payment being needed brought up.   :(

I have since discovered that, it seems, that not only the direct loan must be a 10 year plan and also paid with income driven payment plan.  Is this correct? I guess I'm out of luck for the time I've already worked / paid thus far counting toward any loan forgiveness.  :'(

If so, what steps do I need to take to get on the right track? 

First: Apply for Income Based repayment plan

Second: Apply for another direct reconsolidating loan for 10 yr?   (which i'm not sure where to turn with MGL saying they only do 20yr )

I want to make sure I do the right order of things so I don't shoot myself in the wallet again....

Thanks for any help!


It sounds like you're asking for Teacher Loan Forgiveness (TLF), but really wanting Public Service Loan Forgiveness (PSLF) - two different programs.

Based on what you wrote here, it sounds like you're on track for TLF - you're a special ed teacher at a title one school. After 5 years, that can qualify for you $17,500 in forgiveness.

PSLF is 10 years, any public service job. But it does require you to be on an income-driven plan.

Read this: https://thecollegeinvestor.com/19290/student-loan-forgiveness-for-teachers/

You can't go for both at the same time, but you can sequentially.

At this point, you need to to do some math. Should you stay another 2 years and get your $17,500 forgiven and then deal with the remaining balance. Or do you ignore the last 3 years and go change repayment plans to go for PSLF?

You also don't need to re-consolidate. You just change your repayment plan and certify your employment.

Read this: https://thecollegeinvestor.com/22857/public-service-loan-forgiveness/


Thank you for your reply! 

You are correct, I have the acronyms mixed up. 

I had hoped to be on target for the loan forgiveness after 5 years.

So the Teacher Loan Forgiveness program doesn't require a 10yr term direct consolidated loan or specific repayment plans? 


No, teacher loan forgiveness doesn't require direct loans or a certain repayment plan. In fact, Teacher Loan Forgiveness was started before direct student loans even existed.


 ;D Great news!  Thank you so much!