Congress and lawmakers have provide a law that have many benefits and ways to eliminate debts, to encourage individuals to enter and continue in the teaching profession. The Teacher Loan Forgiveness Program or (TLFP) aims to solve the issue of teacher loan debt, and give the ability to teachers to apply if they teach full time for five consecutive academic years at schools that serve low-income families by the U.S. Department of Education and meet other qualifications. The TLFP grants loan cancellation of up to $17,500 for teachers in certain specialties and up to $5,000 for other teachers, who teach for five years in certain low-income schools and meet other presuppositions. Teachers in an elementary or secondary public or private nonprofit school could qualify for a federal loan forgiveness program, need to send hard copies of the completed Teacher Loan Forgiveness Application Form for 2012 and the required documentation.
Another way to eliminate and successfully discharging debts and control teachers and students finances again is to consolidate loans. It is possible to consolidate private student loans and federal student loans together and to summarize into one, easy to make monthly payment and in some cases students can consolidate these loans to a lower monthly payment, this is not always the best solution because the borrower if consolidate may lose the tax benefits of federal loans.