New REPAYE is the modified version of REPAYE that's been proposed by the Biden administration. There are many key differences between the original plan and the new proposal, which are outlined here. One main difference in the new proposal is borrowers with undergraduate student loans only would have payments capped at 5% of discretionary income rather than 10%. Also, borrowers owing less than $12,000 would have their student loan balance forgiven in 10 years rather than 20 to 25 years.