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Under current repayment rules, nurses will have to start paying back loans as soon as they graduate.
Some borrowers who are far into one of these repayment plans may be better off sticking with their current repayment plan.
Mr Osborne said the decision to retain the current repayment threshold, which will go out to consultation, is designed to "ensure our university system is sustainable".
While record low interest rates have reduced current repayment costs, fewer people than we hoped have used this breathing space to pay off their debts.
Undergraduate student loan borrowers could have their student loans forgiven after 15 years (five years sooner), which potentially can save interest costs for the borrower and eliminate student loan debt five years sooner than the current repayment plan.
While graduate student loan borrowers would have monthly student loan payments capped at 12.5% of income, student loan forgiveness would not occur until after 30 years (5 years later than the current repayment period under REPAYE).
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(Check out our article explaining all of the current federal repayment plans).
"Our current loan repayment system often turns what should be reasonable debts into crippling payments," Rubio and Warner said in statement announcing the legislation.
The draft budget seeks to combine the current federal repayments plans into a single repayment plan - consistent with Trump's campaign promise.
But the tax should be set higher than the current loan repayments to boost university funding, he argued.
They will be limited to the current income-based repayment plan.
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