 TITLE: 3 Ways to Get Help With Student Loans CONTENT: 1\\. Consider Switching Repayment Plans\n--------------------------------------\nYour first step, if you have federal student loans that will be unaffordable for the foreseeable future, is to check out income-driven repayment plans. Some have income requirements you must meet, so get in touch with your student loan servicer—the company that collects your payments—to find out which option is best for you.\nIncome-driven repayment lowers monthly student loan bills to a fraction of your discretionary income, as the government defines it. You'll generally pay between 10% and 20% of your earnings, depending on the plan, and your balance will be forgiven after 20 or 25 years.\nKeep in mind that the forgiven balance will be taxed, and you'll likely pay more in interest. You must also recertify your income each year to stay eligible. Here's how each plan breaks down:\n*   Income-Based Repayment: Under this plan, those who first took out loans before July 1, 2014, will pay 15% of their discretionary incomes per month and get forgiveness after 25 years. Borrowers who took out loans for the first time since that date pay 10% of their discretionary incomes and get forgiveness after 20 years. Your bill will never be more than what you'd pay on the government's 10-year standard repayment plan. This is the only plan that you can use to repay certain student loans from the Federal Family Education Loan program, known as FFEL loans, without consolidating them first.\n*   Pay As You Earn: This plan lowers bills to 10% of discretionary income and offers forgiveness after 20 years. It's likely your best option if you meet the requirements: You must have taken out direct loans or FFEL program loans for the first time after October 1, 2007, and received a disbursement of a direct loan any time after October 1, 2011.\n*   Revised Pay As You Earn: While you must show that you can't afford the standard 10-year plan to qualify for Income-Based Repayment and Pay As You Earn, Revised Pay As You Earn is available to all federal loan borrowers. You'll pay 10% of your discretionary income. Additionally, you'll get forgiveness after 20 years if your loan was used for undergraduate studies, and 25 years for grad school loans.\n*   Income-Contingent Repayment: This is the only income-driven plan available to parents who took out federal PLUS loans and are struggling with repayment. You'll pay either 20% of discretionary income per month or the equivalent of a monthly payment on a 12-year repayment plan. Forgiveness occurs after 25 years. END