At Chipper, we do not currently offer a service to submit your Teacher Loan Forgiveness application in app, but are happy to provide you with the resources below in order to get started:
What is Teacher Loan Forgiveness?
Under the Teacher Loan Forgiveness Program, if you teach full time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.
If you have a Direct Consolidation Loan or a Federal Consolidation Loan, you may be eligible for forgiveness of the outstanding portion of the consolidation loan that repaid an eligible Direct Subsidized Loan, Direct Unsubsidized Loan, Subsidized Federal Stafford Loan, or Unsubsidized Federal Stafford Loan.
What are the eligibility requirements?
You must not have had an outstanding balance on Direct Loans or Federal Family Education Loan (FFEL) Program loans as of Oct. 1, 1998, or on the date that you obtained a Direct Loan or FFEL Program loan after Oct. 1, 1998.
You must have been employed as a full-time, highly qualified teacher for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
You must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students (a "low-income school or educational service agency").
The loan(s) for which you are seeking forgiveness must have been made before the end of your five academic years of qualifying teaching service.
A Title 1 school is a school where low income families make up 40% of enrollment and are eligible for funding in order to better serve the needs of said students that may not be met otherwise.
Teacher Loan Forgiveness is a program only for Title 1 school teachers.
Am I a highly qualified teacher?
There are basic requirements that all teachers must meet to be considered highly qualified. There are also additional requirements that you must meet depending on whether you’re an elementary or secondary school teacher, and whether you’re new to the teaching profession.
Basic Requirements for All Teachers
To be a highly qualified teacher, you must have
attained at least a bachelor’s degree;
received full state certification as a teacher
not had certification or licensure requirements waived on an emergency, temporary, or provisional basis.
You’re considered to have received full state certification even if you received your certification through alternative routes to certification or by passing the state teacher licensing examination.
If you’re a teacher at a public charter school, you are considered to have received full state certification as a teacher if you meet the requirements set forth in the state's public charter school law.