The Education Department on Tuesday released long-awaited details on a piece of President Biden’s student loan debt plan that would enable millions of borrowers to cut their monthly federal payments by more than half — perhaps the most consequential component of the president’s broader initiative to make the loan system more manageable.The Education Department’s proposed rules would revise one of its existing income-driven repayment plans — known as REPAYE — in which borrowers’ monthly payments are tied to their income and family size, and after a set number of years, any remaining debt is forgiven.Unlike Mr. Biden’s one-time initiative to cancel up to $20,000 in federal debt, which has been stymied by legal challenges, the new repayment p …
