The Obama program:
Public Service Loan Forgiveness (PSLF) is one of the most popular federal loan forgiveness programs. It is available to borrowers who work full time or 30 hours a week for an eligible nonprofit company or government organization. Working two part-time jobs at qualifying institutions will also count, as long as the total hours are equivalent to one full-time job.
Borrowers seeking PSLF must make payments on an income-driven repayment plan for 10 years, after which time they can have their remaining student loan balance forgiven. Only payments made while working for a qualifying organization will count toward the 120-payment requirement, so it’s important to submit an employer certification form once a year or every time you switch jobs, whichever comes first. The Department of Education will use information from this form to verify that both your loan type and employer qualify for PSLF.