If you have federal student loans, you have several different repayment options. You can stick with the standard payoff plan, which would have you debt-free in a decade with fixed monthly payments. You can also opt for alternatives such as income-driven plans.

There are several income-driven options, each of which cap payments at a percentage of discretionary income (10% to 20% depending on the plan). But before you select any of them as your payoff option, it's important to consider the pros and cons. Here's what you should know.

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Source Fool.com