I meant to write this post a while back, but thankfully was reminded by Ben Johnson’s Facebook post. While many educators are aware of the federal Public Service Loan Forgiveness program, for some reason the Colorado program doesn’t seem to be well advertised. Colorado currently has two loan forgiveness programs for Colorado educators, both with specific qualifications.
Colorado Educator Loan Forgiveness: This one is mainly for folks who serve in rural school districts or in hard-to-fill positions in any school district. (Note: Hard-to-fill positions encompasses a whole of you, including all elementary teachers.) Only applicants with Federal Student Loans in their name qualify. You can qualify for up to $5,000 in forgiveness each year, and the program currently lasts through 2024. There are limited funds, so not everyone may receive this, but if you meet the qualifications it’s definitely worth your time to take a shot. The deadline is February 15, 2023.
Temporary Educator Loan Forgiveness Program: This one is a two-year program, with also up to $5,000 in loan forgiveness, and focuses on those early in their careers who serve in rural and hard-to-fill positions in Colorado. Individuals who entered the educator workforce in 2019-2020, 2020-2021, and 2021-2022 qualify, and only applicants with Federal Student Loans in their name qualify. The deadline for this one is also February 15, 2023.
Helpfully, there is one application to apply for both! If you are a Colorado educator with any student loans with “Federal Student Loan” in the name, I’d highly encourage you to apply this week before the deadline.
Fisch Financial 