The Biden administration took a step Tuesday that will lower student loan payments for millions and pause payments altogether for borrowers who make less than $30,600 annually. The proposed modifications to the income-driven repayment plan will allow borrowers to pay just 5 percent of their discretionary income, down from 10 percent, on their undergraduate federal student loans. 'Student debt has become a dream killer,' Education Secretary Miguel Cardona said on a call with reporters Monday night. 'This is a promise to the American people that, at long last, we will fix a broken system and make student loans affordable.'
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