Is it possible that I could lower my payments on an income-driven repayment plan?
Yes this is possible and it might be better to consider a income-driven repayment plan than deferring payments altogether. Income-driven plans base your monthly student loan payments on your income and family size.
Are there any tax implications of going for an income-driven repayment plan?
Yes you might have to pay taxes on the amount forgiven especially if you are making payments of $0 per month.