NEW HAVEN, Conn. (WTNH) – For millions of borrowers with student loans, income-driven repayment plans have been a helpful tool in managing loan repayments. 

A recent report shows that loan servicers were mismanaging the programs for decades, prompting the Biden administration to announce major overhauls to student loans. 

Chartered Financial Consultant John Caserta breaks down what this means for borrowers.

Watch the video above for the full interview.