 what Biden's new student loan program would look like for you. If you qualify as low-income, this plan is income-based, meaning that if you make under a certain threshold, your payments will be zero until your income increases. If you don't qualify as low-income, and calculating your payments, this plan protects more of your discretionary income than other income-based programs, resulting in lower payments for you. If you are unable to make a full payment, under this plan, your balance will not go up due to unpaid interest if you're paying the principal. If you already paid off your student loans, congrats! That's awesome for you. This won't affect you at all, except maybe emotionally.