Student loan repayment plan proposed by Biden could cut monthly bills in half, with some borrowers paying $0

Details on President Joe Biden’s long-awaited changes to income-based repayment plans have been released by the U.S. Department of Education, and if implemented, they could help millions of borrowers better afford their monthly federal student loan bills. The U.S. Department of Education proposed regulations Tuesday that would reduce the monthly bills for certain federal student loan borrowers. The new repayment plan could lower monthly payments for certain borrowers to 5% of their discretionary income, from 10%. Some borrowers may save $2,000 a year from the change, according to a fact sheet. Read more >>