Becoming a teacher takes years of higher education and hard work. The financial and personal costs can be great. The good news is that there are more chances than ever for teachers-in-training and new teachers to reduce their financial burden. There are two main ways students can get financial aid: with loans and with grants. Many students take on debt in the form of loans. There is some financial relief if you plan to teach certain subjects or teach in schools designated as low-income. Under the Federal Teacher Loan Forgiveness Program, teachers may be eligible for forgiveness of up to $5,000 if they teach for five years in low-income schools and meet other requirements, and up to $17,500 if they teach in certain specialties. There are several federal programs they should know about. The following programs are described in this paper: (1) Stafford Loan Forgiveness Program for Teachers; (2) Federal Perkins Loan Cancellation Program for Teachers; (3) TEACH Grant Program; and (4) Public Service Loan Forgiveness.