The Biden administration is proposing to lower the cost of monthly student loan bills under a certain type of income-driven repayment (IDR) plan that for some borrowers will amount to $0 per month. The Department of Education announced Tuesday that under the proposed changes, those making less than roughly $30,500 annually would have $0 monthly payments. The same criteria would apply to a borrower in a family of four that makes less than $62,400. The plan does not apply to Parent-PLUS loan borrowers. For those who earn above those thresholds, the administration calculates that undergraduate borrowers could see their monthly payments also cut in half by requiring that 5 percent of t
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