The Teacher Loan Forgiveness program is arguably the most beneficial of all the forgiveness options as teachers are eligible for principal reduction and early ten-year forgiveness. A qualified teacher can qualify for a principal reduction of $5,000 to $17,500 on their loans, along with full forgiveness after a 10-year term. Any remaining balance at the end of the 10 years would be completely forgiven.

The ten-year forgiveness is part of the public service loan forgiveness program, but in most cases teachers qualify and receive benefits of both programs.