Income Based Repayment
A repayment plan for federal student loan borrowers that cannot afford the standard repayment plan. Income based repayment allows your monthly payment to be calculated based on 10-15% of your income depending on when you borrowed. After 20-25 years of repayment your loans are forgiven but considered taxable income. Must recertify annually.
Public Service Loan Forgiveness
Eligible for federal loan borrowers that work for a qualifying employer. After 10 years of payments (they don't have to be consecutive) your loans are forgiven and not taxable. Though you need to apply and requalify annually.