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The Biden administration, with its ambitious plan to provide up to $20,000 in student loan relief to millions of Americans in legal limbo, this week announced Plan B: The new plan, which is called the Revised Pay As You Earn (REPAYE) program, is actually an overhaul of a student loan program first introduced in 2016.

The strategy features income-driven repayment plans, or IDRs, which are designed to help make student loans more manageable by tying a person’s monthly payment to their income. About one-third of all borrowers are enrolled in an IDR, according to Pew Research.


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