without any reduction to their balances. But Cardona announced a plan to ease that process, as well.
Along with the on-ramp period, Cardona also said his department has finalized a new income-driven repayment plan for borrowers. Here's everything borrowers need to know before they get hit with a student-loan bill this fall.
The plan increases the income exemption from 150% above the poverty line to 225%, meaning that borrowers earning $32,800 or less or a family of four earning $67,500 or less will not owe student-loan payments Payments on undergraduate student loans will be reduced from 10% to 5% of borrowers' discretionary income
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