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Biden proposes new student loan repayment plan: Here’s how much borrowers will save
Fox Business
Nora Colomer
January 12, 2023
New repayment plan benefits lower-income borrowers the most, expert says
The Biden administration unveiled a new loan repayment program to reduce loan payments for undergraduate students that will be especially beneficial for low and middle-income borrowers.
The Department of Education’s proposed rule would modify the terms of the Revised Pay As You Earn (REPAYE) plan so that any individual borrower who makes less than roughly $30,600 annually and any borrower in a family of four who makes less than about $62,400 would be eligible for $0 monthly payments.