"Judging by the number of e-mails we've received since our recent story, "Grads May Soon Repay Student Loans Based on Income," it's clear that many former students are looking for ways to cut their monthly bills," Forbes reports. "Here's the basics of the new option: starting in July, borrowers can choose an income-based repayment plan that caps monthly payments on federal student loans at a percentage of how much you make. To sign up, borrowers need to call their lenders and ask for income-based repayment. In this installment of Ask Money Builder, we'll address three of the most common questions borrowers sent us."