Biden administration launches new income-driven student debt repayment plan

It marks a significant change to the federal student loan system that could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans.

"We will be able to show borrowers their exact monthly payment amount and give them the ability to choose the most affordable repayment plan for them," one official said. The full website launch will occur in August, and applications submitted during the beta period will not need to be resubmitted. The beta period will allow the Department of Education to monitor site performance in real time to identify any issues, and the site may be paused to make any necessary updates, officials said.

The Education Department has created similar income-driven repayment plans in the past and has not faced a successful legal challenge, officials noted.

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