With a bit of strategy, federal student loan borrowers can lower their monthly bills on the U.S. Department of Education's new repayment plan , coming July 1. Under the Repayment Assistance Plan , or RAP, borrowers pay a higher percentage of their income as their earnings grow. That means that finding ways to lower your pretax income by even a small amount can reduce your monthly student loan payments, said Landon Warmund , a certified financial planner and certified student loan professional