Wis. (WLAX/WEUX) – The US Department of Education is seeking to reduce federal student loan payment costs with its proposed new regulations. The regulations coincide with President Joe Biden’s announcement in August to provide debt relief for about 40 million borrowers and hope to make the student load system easier to manage.

The proposal includes amending the “revised pay as you earn” plan and cutting monthly loan payments in half for undergraduates. The DOE says a typical graduate of a four-year public university would save roughly two thousand dollars a year under the proposal.