There's a new government program that could lower your school loans.
Thanks to the Income-Based Repayment Plan, July 1st some college grads will be eligible for lower loan payments.
If you have a Stafford loan, a Graduate Plus loan or Consolidation loan through the Direct Loan program or the FFEL program, you could be eligible.
The new program calculates your monthly payments based on income and family size.
Your monthly payments will then be pegged on how much you can afford each month.
To see if this would apply to you, go to
finaid.org, and click on calculators.
Keep in mind, there is a downside. You pay more in interest over the life of the loan.
