This is a repayment option for students with certain federal school loans. It allows you to base your payment amount on how much you make so that your installments are more affordable. It is less than what you’d have to pay under the typical 10-year repayment plan.
This agreement gives those working full-time public service jobs a break on the balance of their student loans after making 120 consecutive payments. There are certain caveats however. The 120 payments had to have been made under certain repayment plans and you must have been employed full-time as a public servant during that time to qualify.
This program repays student loans for graduates willing to conduct research for non-profit organizations or a U.S. federal, state or city government entity for two years. The program can pay up to $35,000 a year in debt.