The U.S. Department of Education (Department) has proposed new terms to lower the cost of federal student loan repayments, particularly for borrowers with low to moderate incomes.

The plan is based around a change in the terms of the REPAYE program. Currently, only about $20,400 of income is protected for single borrowers. Under the new plan, $31,000 would be shielded from repayment. It would also reduce the amount of discretionary income that has to be set aside for repayment from 10% to 5%.

The Department of Education estimates that borrowers would see payments decline by .83 per every dollar for borrowers of the lowest income level.

All of this does come at a cost of about $190 billion dollars.

The Biden administration has made the student loan crisis a priority. The biggest plan being the debt reduction effort that is currently making its way through the federal court system. That plan would forgive up to $10,000 of federal loans for most borrowers and $20,000 for Pell Grant recipients.