It’s too early to know how the changes will impact borrowers, but the announcement will come amid confusion surrounding student-loan payment plans.

Democrats propose the SOAR Act to protect income-driven repayment benefits after the SAVE Plan was blocked. Here’s what the bill does—and its chances in Congress.

For many student loan borrowers, income-driven repayment (IDR) plans can make monthly payments much more manageable. Rather than simply divvying up the total owed across the loan term, IDR plans base the monthly payments on a borrower's income and family size.