Here is some General Information:

-120 qualifying payments

-Must be made no more than 30 days before due date and 15 days after

-All loans must be Direct Loans

-Non taxable

-Must have qualifying plan (typically based on income only beneficial plan)




-Must teacher 5 years as highly qualified teacher in qualifying subject area at a Title I school

-If high school math and science or high school or elementary special ed, you can qualify for up to $17,500 in forgiveness

-If you are highly qualified teacher for a qualifying subject area, you can qualify for up to $5,000.00

-If the amount you would owe at the end of five years  is less than the forgiveness you will receive, you can do a Teacher Loan Forgiveness Forbearance yearly to avoid payment.  However this amount must include both principal and interest amount.

You qualify for cancellation of up to 100 percent of a Federal Perkins Loan if you have served full-time in a public or nonprofit elementary or secondary school system as the following;

-a teacher in a school serving students from low income families


-a special education teacher (this includes teachers of infants, toddlers, children or youth w/ disabilities)


-is a teacher in the fields of math, science, foreign language or bilingual education, or in any other field of expertise determined by the state education agency to have a shortage of qualified teachers in that particular state

-Based on duties, not on position title

-If you qualify for cancellation, it can be up to 100 percent of the loan, in the following increments:

-15% per year for the first and second years of service

-20% per year for the third and fourth years

-30% for the fifth year

These amounts also include the interest that accrued during the year

-Many other states and employers have their own forgiveness programs

-Often times in these situations, rather than cancellation payment is remitted to the provider for payment

-Talk to you individual employer or state to find out the time frame and eligibility requirements

So how can a counselor assist someone in my situation?

There are two main ways that a counselor can help a teacher in terms of their loans and forgiveness:

1) Knowing what programs you do qualify for.  Similar to many borrowers, there are so many programs out there with complicated eligibility.  Often times forms like the Teacher Loan Forgiveness that get sends back several times because everything is not completed correctly or all the paperwork is not sent in.  This naturally takes a lot of time and frustration.  A counselor can help you avoid this.

2)Knowing what situation you should choose if you qualify for more that one.  You cannot let the Teacher Loan Forgiveness and Public Service forgiveness overlap.  While you can do both, it would take 15 years (5 for TLF, 10 for PSLF).

So you have to decide what is best for you and what will save you the most money.  This is where a counselor can be very valuable.


So let's talk and schedule your risk free consultation today!




And remember--if you don't save $5,000*,  you pay nothing!

*Loan term must be 120 months or more with a minimum balance of $5,000. $5,000 is determined by greater of money saved on interest by refinancing or , total monthly payment through changing of repayment plan or projected forgiveness amount.

Depending on income, cosigner may be required. All refinancing decisions made by Darrien Rowayton Bank (DRB).  Student Loan Insider (SLI) is not an agent of DRB nor is involved in any credit decisions. All forgiveness, consolidation, and repayment plan changes are done through the Department of Education. SLI has no special access to or is not affiliated with the DOE. Any changes to loans are through programs offered free of charge by DRB or the DOE. The fee rendered is for paperwork assistance and/or consultation of the borrower’s individual situation. If federal loans are refinanced, federal protections will be lost. SLI has a financial interest in loans refinanced by DRB.