A New Student Loan Plan Could Reduce the Burden for 10 Million Borrowers. Here’s How — TIME

On Tuesday, the U.S. Department of Education proposed new regulations that could cut monthly payments for millions of undergraduate borrowers in half. The changes would affect the existing Revised Pay As You Earn Repayment Plan (REPAYE Plan), which is one of four income-driven repayment plans. Nearly 10 million borrowers are enrolled in an income-driven repayment…

A New Student Loan Plan Could Reduce the Burden for 10 Million Borrowers. Here’s How — TIME