There's a new program that could help those of you that are repaying student loans.

It’s called income based repayment, and now, anyone that has a federal student loan can apply to cap their monthly payments based on income.

The department of education program forgives remaining balances after 25 years, and those in public service could have their loans forgiven after 10 years. But in some cases, students would be better off by repaying their loans faster.