A new government program started the beginning of July. Finally, students who have graduated but find themselves with jobs that just don't cover their student loan payments are in luck.

The Income-Based Repayment program will now allow you to make payments on your student loans based on your income. This program limits the amount of your payments to no more than 15% of your salary.

This can make a huge difference.

Here are more benefits discussed in US News and World Report:

Those who earn less than a base budget allowance of one and a half times the poverty level for their household (which was $10,400 a year in 2008 for a single person) won't have to pay a penny on their federal student loans. Everybody else who qualifies for IBR will have to pay 15 percent of the difference between their income and the base budget allowance.

Best of all, those earning a low income because they are in public-service jobs can have their remaining federal student debts forgiven after 10 years of income-based payments. Those who maintain low incomes and stay current on their income-based payments for 25 years can also have their remaining debts forgiven, no matter what job they have.

This is a huge opportunity for those who, like me, find they have jobs that just don't cover all the expenses as well as a huge student loan payment.

There have been times when I could make payments, and there have been times when I just couldn't swing it. If your loan is currently in default you don't qualify for this program, you will have to go through a program to get it back in good standing, but if you are in good standing, or about to go into default this program could be the answer to your prayers.

I know a payment of $160 is much easier to swing than $400!!