In recent years, student loan debt has been skyrocketing, especially for college students. With this in mind, it's easy to become overwhelmed and paralyzed at the thought of repaying the large sums of money that have been borrowed. Fortunately, there is an alternative option in the form of income-based repayment. This type of repayment plan can be beneficial for those struggling to pay back their student loans.

Income-based repayment is a type of student loan repayment plan that bases the amount of a borrower's monthly payments on their income and family size. Under the terms of this type of loan, borrowers are responsible for paying a set percentage of their income that's not more than 15-20 percent of their discretionary income, as well as a certain amount of their debt. Depending on the overall amount of the loan and the size of the family, monthly payments can be as low as zero dollars, making the loan more manageable for those with a lower income.

Income-based repayment plans can also provide certain other benefits that should be taken into consideration. For one, any remaining balance on the loan after twenty or twenty-five years of repayment is forgiven, meaning that borrowers don't have to worry about accruing