 TITLE: How to Pay Off Student Loans Faster CONTENT: Choose the Right Student Loan Repayment Plan\n--------------------------------------------\nIf you have federal student loans, your loan servicer will enroll you in a repayment plan when it's time to begin making payments. If you don't choose another option, you'll be placed on the Standard Repayment Plan, which comes with a 10-year term and fixed monthly payments. You'll typically pay the least over the life of the loan with this plan.\nThere are other repayment options available, however, which can help make student loan payments more affordable:\n*   **Graduated Repayment Plan**: This plan also has a 10-year term, but starts with lower payments that increase every two years.\n*   **Extended Repayment Plan**: This plan gives you up to 25 years to repay the loan, but you must have at least $30,000 in federal student loans to qualify.\n*   **Income-Based Repayment Plan**: Repayment on this plan is 10% or 15% of your discretionary income per month over up to 25 years, after which the loan is forgiven.\n*   **Income-Contingent Repayment Plan**: Payment is 20% of your discretionary income or the amount you'd repay if you had fixed payments for 12 years, whichever is less. Any amount left over after 25 years is forgiven.\n*   **Revised Pay As You Earn Repayment Plan**: Payment is 10% of your discretionary income for up to 25 years, after which the loan is forgiven.\nWhile the idea of eventual loan forgiveness may be appealing, keep in mind that any amount forgiven as part of an income-based repayment program is considered taxable income.\nYou can also request a different repayment plan if your financial situation changes, which could help you pay off your loan faster. It's not a simple process, however, so try to choose a repayment plan you think will work for you long term. If you're looking to pay off your loans as quickly as possible and are able to make the payments, a standard repayment plan is the best choice.\nPrivate student loans are not eligible for alternative student loan repayment plans. You will need to contact your loan provider to inquire about repayment plan options. END