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Graduates who can show partial economic hardship can “pay as you earn”, to repay many federal student loans. Under this program, which President Barack Obama recently said he’ll increase, loan payments would be set based on income and family size and each year the monthly payment would be reset. Payments are for 20 years and require annual documentation of salary and family size. Timely payments for those two decades can result in the rest of the loan being forgiven, though taxes may be owed on the balance.