The new student loan repayment plan formally proposed by the Biden administration would let borrowers make lower payments and have remaining loans forgiven sooner than under current plans. Under the proposed income-driven repayment (IDR) plan, most undergraduate borrowers with typical debt levels--and nearly 90 percent of those with certificates and associate's degrees--would have at least some of their loans forgiven if they enroll in IDR. Under the newly announced plan, most undergraduates who take on typical debt loads would have at least some of their loans forgiven if they use the plan. Borrowers with certificates or associate's degrees would benefit the most, with 89 percent receiving some forgiveness and 38 percent paying nothing. The proposed IDR plan is the most generous yet, but it will make the student loan program significantly more expensive and risks encouraging students to take on more debt, which could have implications for their personal finances even if it is eventually forgiven.