Good evening and thanks for joining us, I'm Betsy Gessell.A new payment option will make it easier for students to pay back their loans as they enter the workforce.Fox Mankato's Carly Aplin explains how a federal program could be good for your bank account.For many students... life after college means a pile of loans just waiting to be re- paid.Kristin Anenson says, "I'm already 15 thousand dollars in debt with loans."Minnesota State University Junior, Kristin Anenson, says she's even taking a year off to pay back some of her loans before accruing any more debt.Kristin Anenson says, "It is stressful thinking ok how long is it going to take me to pay off my loans after I get done with school."Just down the road at Bethany Lutheran College, Jeff Young says a new program called Income - Based Repayment will help lessen the burden of federal loans for students like Kristin.Jeff Young says, "I think it's a good thing... it's another tool for us."Jeff says, with the new program, some students will feel less pressure to leave college with a high paying job... and instead may pursue a career in something they're more passionate about... even if it pays a little less.Jeff Young says, "The main purpose is to allow students to do what they want to do professionally."For the first time, income will play a factor in how students pay back their loans...IBR loan payments will be less than 10 percent of their income - and even smaller for borrowers with low earnings.And after 25 years IBR will forgive any remaining debt.Kristin Anenson says, "A lot of people choose their careers based on how much they're going to be in debt out of school... so this will help."Kristin says she still plans on taking a year off even with income - based repayment...But gives the program credit saying when she graduates from MSU she'll feel more secure about her financial situation.In Mankato, Carly Aplin, the Fox Mankato News at Nine.If you have a student loan and you'd like more information regarding Income-Based Repayment contact your student loan lender.