Hi, it is true that there is a concession on the fee for taking Sun Certified Java programmer Exam at $40. For that you have to be a student undergoing your graduation course and if you have completed your education it should not have been 6 months after your graduation.
i.e if you have graduated in June 2009, then for availing a concession , you should apply on or before December (with in 6 months of completion of your graduation)
If you are eligible then, go to sun website get yourself a log in account, take the sun Academy Initiative program i.e register for the program and get a approx 85% fee concession on Sun Certified Java Programmer Exam.
For rest of the procedure sun will guide you.
I hope the above information provided is useful for you and you are not too late for a concession