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 new draft rules from the Education Department would apply to the Revised Pay As You Earn, or REPAYE, income-driven repayment (IDR) plan. Borrowers on this repayment track make monthly payments based on their income and family size, and any remaining debt is forgiven after 20 to 25 years.
