Page 16 - The EDGE Fall 2022
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Your Student Loan May Be Eligible for Forgiveness
CONTINUED FROM PAGE 15
to be viable. You need to work ten years with an forgiven with just a little more work,” she said,
eligible public service employer, and you don’t need adding that you cannot do both loan forgiveness
ten consecutive years of service. programs simultaneously.
Ewald also outlined details of the Teacher Loan Under Public Service Loan Forgiveness, it’s
Forgiveness program, which is only for teachers the employer, not the position, that determines
employed in a Title One school for five consecutive eligibility, whether the employee is a janitor or
years. The maximum amount of loan forgiveness an administrator, Ewald explained. “Any amount
is $5,000 for elementary and secondary school can be forgiven,” she said. “You just heard about
teachers, with a maximum of $17,500 for specialists $142,000 being forgiven.”
in special education, math and science. Loans prior
to October 1, 1998, don’t qualify for forgiveness. Parent Plus loans – unsubsidized loans to parents of
To qualify for the teacher program, Ewald said, dependent undergraduate students – can qualify, but
“You must be a teacher and have a classroom full the loans must be in the public service parent’s name.
of kiddoes.” Unless you have small loan balances,
AASBO members should go straight to the PSLF The Federal Family Education Loan program,
program because “you can get the entire balance which ended in 2010, worked with private lenders
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16 THE EDGE FALL 2022
