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Unfortunately, the new payment system (SAVE) is only for those who make less than $32,800 per year ($67,500 for a family of four). The rest of us are going right back to getting bent over, making payments on loans that never seem to go down.
That is not true at all. Read the plan.
"Discretionary income would be redefined as earnings above 225% of the poverty guideline. The threshold would increase to $32,805 for a single person. These changes would apply to both undergraduate and graduate student debt.
Borrowers’ monthly payments would be calculated as 5% of their discretionary income for undergraduates. They would remain at 10% for graduate students."
"If an undergraduate borrower has a loan of up to $12,000, makes payments over 10 years and hasn’t fully repaid his debt after that time, the remainder would be forgiven. For each additional $1,000 in debt, one year is added to the period of time a borrower must make payments before the remainder of the loan is forgiven. For example, if a borrower has a loan of $14,000, they must make payments for 12 years before the rest of the loan is forgiven."
"Finally, the revised plan would allow married borrowers to file taxes separately so the monthly payment would not be calculated based on joint income."
These provisions are for all borrowers, regardless of income. You pay 5% of your discretionary income for 10 years and the rest is forgiven, regardless of what your interest payments. (On an original amount of up to $12,000. The repayment period increases by one year for every additional $1,000 originally borrowed.)
https://www.texastribune.org/2023/07/05/income-driven-repayment-plan-student-debt/
You may be confusing the REPAYE plan with the new SAVE plan.
Per the email sent by the Department of Education yesterday evening:
..."the Administration is implementing the most affordable repayment plan ever created, called the Saving on a Valuable Education (SAVE) Plan. Later this summer, borrowers will start saving money under the new plan, which will cut monthly payments to $0 for millions of borrowers making $32,800 or less individually (the cutoff is $67,500 for a borrower in a family of four) and save all other borrowers at least $1,000 per year. Additionally, it will stop runaway interest that leaves borrowers owing more than their initial loan. Eligible borrowers can enroll in the REPAYE plan today and the Department will automatically enroll them in the SAVE plan and update their monthly payments as the new terms are implemented later this summer."
Welcome to the middle class. We always get fucked. Been that way ever since I remember, and I'm over a half century old.