There's a radical change coming on the student loan front that Clark wants you to know about.

Effective July 1, 2009, an income-based repayment plan (IBR) will become available to borrowers with federally guaranteed student loans such as Stafford loans and Grad PLUS loans.

Under the new program, your payment will be based on your current income and family size. Your monthly payment could be an unprecedented zero dollars, according to Kathleen Pender of The San Francisco Chronicle.

You must apply for the IBR. Contact the lender or lenders who hold your student loan(s) for more details.

In addition to the IBR, other new provisions going into effect include loan forgiveness options for certain workers.

Employees of non-profits and certain levels of government can have loan forgiveness after making on-time monthly payments for 10 years. If you work in the traditional for-profit sector, it will take 25 years of on-time payments before you're eligible for loan forgiveness.