There are student loan forgiveness programs offered to public service\u00a0employees such as teachers, police officers or other public servants. Loan forgiveness is the cancellation of a loan debt under various loan forgiveness programs.\r\nThe Public Service Loan Forgiveness Program\r\nThe PSLF Program was established to encourage individuals to enter and continue in full-time public service employment by forgiving the remaining balance of their William D. Ford Federal Direct Loan Program loans (Direct Loans). The\u00a0Public Service Loan Forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit.\r\nHow to Qualify and Eligibility Requirements\r\n\r\n \tJob Performed. The specific job that you perform does not matter, as long as you are employed by an eligible public service organization. For example, if you are a full-time employee of a public school system, your employment would meet the requirements for PSLF, regardless of your position (teacher, administrator, support staff, etc.).\r\n \tLength of employment. You must be employed full-time by a public service organization when you make each of the required 120 qualifying payments on your Direct Loans, at the time you apply for loan forgiveness after making the last of those 120 payments, and at the time you receive loan forgiveness.\r\n \tEmployment. Qualifying employment is any employment with a federal, state, or local government agency, entity, or organization or a not-for-profit organization that has been designated as tax-exempt by the Internal Revenue Service (IRS) under Section 501(c)(3) of the Internal Revenue Code (IRC). The type or nature of employment with the organization does not matter for PSLF purposes. Additionally, the type of services that these public service organizations provide does not matter for PSLF purposes.\r\n \tEmployment in private not-for-profit. A private not-for-profit employer that is not a tax-exempt organization under Section 501(c)(3) of the IRC may be a qualifying public service organization if it provides certain specified public services. These services include emergency management, military service, public safety, or law enforcement services; public health services; public education or public library services; school library and other school-based services; public interest law services; early childhood education; public service for individuals with disabilities and the elderly. The organization must not be a labor union or a partisan political organization.\r\n \tIncome Level Eligibility. Your income is a factor in determining your required monthly payment amount under the Income-Based Repayment (IBR) Plan, Pay As You Earn Repayment Plan, and the Income Contingent Repayment (ICR) Plan, the three PSLF-eligible repayment plans that are the most likely to leave you with a remaining loan balance to be forgiven after you have made 120 qualifying payments.\r\n\r\nOnly Direct Loans Can Be Forgiven\r\nOnly loans you received under the William D. Ford Federal Direct Loan (Direct Loan) Program are eligible for PSLF. Loans you received under the Federal Family Education Loan (FFEL) Program, the Federal Perkins Loan (Perkins Loan) Program, or any other student loan program are not eligible for PSLF.\r\nStudent Loan Forgiveness Program - Teachers\r\nA federal program exist that help teachers who have Federal student loans a chance to get student loan debt forgiven. \u00a0Of course, you\u2019ll have to meet a criteria in order to take advantage of these benefit. \u00a0It\u2019s worth the time to determine if you can get your student loan debt up to $5,000 or up-to $17,500 forgiven.\r\n\r\nThe\u00a0Federal Student Aid\u00a0center states of two programs that offer loan forgiveness:\r\n\r\n \tTeacher Loan Forgiveness\u00a0for Direct Subsidized Loans, Direct Unsubsidized Loans, Subsidized Federal Stafford Loans, and Unsubsidized Federal Stafford Loans\r\n \tTeacher Cancellation\u00a0for Federal Perkins Loans\r\n\r\nThe programs do not cite teacher salaries as a determinate for approval if you meet the other requirements.\r\n\r\nBoth programs are aimed at teachers who work at low-income designated school districts, targets particular subjects and teachers who teach special education. \u00a0Check to see if you\u2019re school is designated as\u00a0low-income school for Teacher Cancellation benefits.\r\n\r\nThere are a number of schools in the Elizabeth Public School system in NJ that are designated low-income for Teacher Cancellation Benefit. \u00a0Check to see if your school has this\u00a0low-income designation\u00a0and if you meet the other\u00a0qualification to have your student loan debt forgiven.