As an incentive to join the teaching profession, Congress has created the Teacher Loan Forgiveness Program. You will need to teach for five consecutive, fully completed academic years. You will need to have worked at a school (or education service agency) that qualifies and/or serves the low-income population as well as other requirements. The total amount of loan forgiveness can be up to $17,500 which actually includes both principal AND interest. Both Direct Loans and Federal Family Educational Loans (FFEL) program loans can potentially qualify.
One of the primary requirements, other than filling out the form completely and keeping a copy for your records, is to have the Chief Administration Officer of the school or educational service agency complete Section 5. If there are two schools for which you work during the same academic year, make sure at least one of the Chief Administration Officers at either of the schools fills out and signs Section 5 on the form. If there are two schools for which you work during the same academic year, make sure that both of the Chief Administration Officers at both of the schools fill out and signs Section 5 on the form. Either way, be sure to list all schools for which you worked on the form. If you need to, you can include a separate sheet of paper with the information in Section 5 (for the purpose of including more than one Chief Administrative Officer certification). Complete one form for each loan servicer.