Last year, the Biden administration announced it would implement a new income-driven repayment (IDR) plan for federal student loans. This action would add a fifth IDR plan to the existing four, all of which offer loan forgiveness and let borrowers make payments based on their income rather than fixed payments based on their loan balance. This new plan would let borrowers make lower payments than any of the existing plans, but advocacy groups argue it does not reduce debt burdens enough. To inform this debate, we analyze and compare three IDR plans that reflect the different terms under discussion. We find that the administration’s proposed plan would reduce initial monthly payments by approximately $100 for the median associate and bachelor’s degree recipients and would substantially reduce total payments for low-income borrowers.