Who gets to take advantage of Obama's new changes to the student loan program?

Not as many as you might think. The new rules only apply to federal loans, not loans from private banks, and...

This new income-based plan is not available to people who graduated in 2011 or earlier and have no plans to take out any new federal loans. Instead, you must have at least one federal loan from no earlier than 2008 and also take out one more in 2012 or later to qualify.

If you're already in default, you're ineligible.