Enhance money-motivated payments: During his 2020 presidential campaign, Biden proposed to “halve payments on undergraduate federal student loans” so borrowers would pay 5% of discretionary income (this is your income after deducting taxes and essential expenses like food and housing) over $25,000 on loans. The president’s income-driven repayment plan would also forgive federal student loan debt after 20 years for borrowers who have made consistent payments.