Student Loans: 5 Biggest Winners of Biden’s New IDR Plan

Federal student loan borrowers may soon see their monthly payments cut by at least half — and potentially have their debt forgiven in as little as a decade — due to big changes the Education Department intends to make to one of its existing repayment plans.

More details on the revised income-driven repayment plan surfaced in mid-January, and the Biden administration aims to finalize changes to the new IDR plan, known as REPAYE, by the end of 2023. It’s the latest effort by President Biden to ease the weight of the nation’s collective $1.76 trillion in student loan debt by removing more roadblocks to debt forgiveness.

“There are a lot of steps between here and having [the plan] actually in place, but the potential is there for a really big impact,” says Scott Stark, a certified financial planner at Financial Finesse, a workplace financial wellness company.

That impact will be felt more by some borrowers than others. Generally, those who earn the least relative to how much…

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This article was written by Eliza Haverstock and originally published on