New Student Loan Proposal Could Cut Monthly Payments In Half

[underpants]

4. I read earlier there's a cap on payment years for smaller loans

People have complained that the monthly loan payments are unmanageable and that the calculations fail to fully account for their living expenses. To remedy those concerns, the Biden administration would increase the amount of income protected from repayment to 225 percent of the federal poverty guidelines. That means a single borrower earning less than $30,500 a year and a borrower in a family of four making less than $62,400 would not be required to make monthly payments on their loans, according to the department.
The plan also would cap payments for undergraduate loans to 5 percent of a person’s discretionary income instead of 10 percent. Borrowers with debt from undergraduate and graduate studies would pay between 5 and 10 percent according to a weighted average calculated from the share of what they originally borrowed for undergraduate studies.

The plan would also shorten the path to forgiveness for people with small balances. Those who borrowed $12,000 or less for undergrad or graduate school would receive loan forgiveness after making 10 years worth of payments, instead of 20 or 25 years. Every additional $1,000 borrowed above that amount would add one year of monthly payments to the time a borrower must pay before their debt is forgiven.
https://www.washingtonpost.com/education/2023/01/10/biden-student-loan-repayment-plan-details/