Teaching programs that pay off student loans

How to get it: Submit an employment certification form from each of the employers you've had while making your payments to FedLoan Servicing , the company that oversees the PSLF program. It's easiest to do this whenever you change jobs, but you can complete the forms retroactively, too.

Only borrowers with federal Perkins loans qualify. Best for: Teachers with federal Perkins loans. However, this already-small program is winding down: Undergraduate borrowers won't be able to take out Perkins loans after Sept.

How to get it: Submit an application through the college or university that originally awarded your Perkins loans. There are also numerous state- and city-based programs that offer teacher loan forgiveness. Check the American Federation of Teachers's funding database for more information about these opportunities. If you can afford the standard year federal loan repayment plan, stick with it to pay off your loans faster and with less interest than with other federal plans.

This plan sets your monthly payment at a percentage of your discretionary income and the loan term is increased from the standard 10 years to years. Any remaining loan balance is forgiven at the end of the term, but is considered taxable income. If you want to save on the total cost of your loan and you have strong credit as well as a steady income, consider student loan refinancing with a private lender.

Your current loan will be replaced with a new loan at a lower interest rate and a new term; the shorter the term, the more you'll save. Consider all options and compare offers before refinancing. Teacher Loan Forgiveness. At a glance. Public Service Loan Forgiveness. Perkins loan cancellation. Combining loan forgiveness programs. Next steps. Other repayment options. On a similar note Cancellation is in increments beginning after your first year of teaching through the end of your fifth year.

Help for repaying loans also are available through volunteerism. Two full-time volunteer programs are Americorps and the Peace Corps.

Perkins loan participants who serve in the Peace Corps are eligible for a partial cancellation benefit of 15 percent for 1 year of service up to 70 percent for 4 years. The Peace Corps also offers deferment of loan payments on federal programs during service. Many part-time local volunteer programs also exist for those who want to keep their day job. One example is the SponsorChange. Org program in Pittsburgh, which provides donor-funded stipends to pay off loans.

To receive the money, you commit to teaching for 4 years in a low-income school and in a high-need field, such as math, science or a foreign-language. If you fail to meet your commitment, however, the grant converts into a Stafford Loan, which you must repay. If you don't qualify for a grant, the pay-as-you-earn program can help you keep payments affordable.

To qualify, you must have borrowed the money after Oct 1, and have an income too low for other repayment plans to be affordable. Payments are 10 percent of discretionary income, and if that isn't sufficient to make your interest payments, the government will help subsidize this for up to 3 years.

As you earn more, your payment increases. If you've met the repayment terms, any money still owed after 20 years will be forgiven. Randi Hicks Rowe is a former journalist, public relations professional and executive in a Fortune company, and currently a formation minister in the Episcopal Church. She has a bachelor's in communications, a master of arts in Christian education and a master of business administration.