Financial Wellness Resources
Financial resources are not specific to IOTA Community Schools but include a compilation of available resources found online. If you have questions about these resources, please contact the program directly. If you find any of the resources are no longer available and/or if you have any recommended additional resources to add to this section, please contact your local Human Resources partner.
Public Service Loan Forgiveness (PSLF)
This program forgives the remaining balance on your Federal Direct Loans after 120 qualifying payments (10 years).
- It has the broadest employment qualification requirements of the federal programs listed here.
- You’re not required to teach at a low-income public school or even be a teacher. Most full-time public and private elementary and secondary school teachers will meet the employment requirements.
- Learn more at https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
- To confirm your eligibility for the program, submit this form.
State-Sponsored Student Loan Forgiveness Programs
- Consult your federal loan servicer for more information.
- States offer loan-forgiveness programs for teachers—especially if you teach in a high-need area. The American Federation of Teachers has a great searchable database you can use to find state and local forgiveness programs you might qualify for.
Public Service Loan Forgiveness (PSLF)
This program forgives up to 100% of your Federal Perkins Loan Program if you teach full time at a low-income school, or if you teach certain subjects.
- Only Federal Perkins Loans will be forgiven. Check to see if you have Perkins Loans at StudentAid.gov.
- If you are eligible for this program, up to 100% of the loan may be canceled for teaching service, in the following increments:
- 15% canceled per year for the first and second years of service.
- 20% canceled for the third and fourth years.
- 30% canceled for the fifth year.
- Each amount canceled per year includes the interest that accrued during the year.
- Learn more at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/perkins.
Teacher Loan Forgiveness
This program forgives up to $17,500 of your Direct or FFEL Subsidized or Unsubsidized Loans after five complete and consecutive years of teaching at a qualifying school.
- You must have been employed as a full-time teacher at an eligible school for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
- Certain highly qualified special education and secondary mathematics or science teachers can qualify for up to $17,500 in forgiveness.
- Other eligible teachers can qualify for up to $5,000.
- PLUS loans and Perkins Loans are not eligible to be forgiven through this program. Any time you spent teaching to receive benefits through AmeriCorps cannot be counted toward your required five years of teaching for teacher loan forgiveness.
- Teacher loan forgiveness applications are accepted after you have completed the five-year teaching requirement.
- Learn more at https://studentaid.gov/manage-loans/forgiveness-cancellation/teacher
- Print and complete the Teacher Loan Forgiveness Application.
Tennessee Math and Science Teacher Loan Forgiveness
This program provides financial assistance to Tennessee public school teachers seeking an advanced degree in math or science, or a certification to teach math or science. Loan forgiveness requires employment in a Tennessee public school system for two years for each year of the loan funding received.