Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine their debt.

Paying back a burdensome federal student loan might get easier for some, beginning today. Income-Based Repayment, a program that caps the monthly payments on student loan debt, is available depending on the amount of loan debt, adjusted gross income and family size.

On July 1, 2009 a new government program started to help people pay off student loans. The plan lets graduates reduce their monthly student loan payments based on income. It's called the "Income-Based Repayment Plan" and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine debt. To see if you qualify, click here .

A new federal student loan program goes into effect next month, offering grads an opportunity to consolidate their loans at a low interest rate.

NEW YORK----While the newly implemented Income Based Repayment plan presents moderate implications for U.S. FFELP student loan ABS trust performance measures, FFELP ratings are expected to remain stable, according to Fitch Ratings.