In 2010, Congress and President Obama made major changes to the income-based repayment program for student loan borrowers. The idea was to lighten the load for people entering an uncertain job market. But today, the nonpartisan New America Foundation is out with a report that suggests the new rules might not benefit the people who are most in need.

Jason Delisle, director of the Federal Education Budget Project at the New America Foundation and co-author of the study, says  Obama’s student loan reforms would provide limited relief for low-income borrowers. Rather, it would benefit middle- and high-income borrowers, particlarly those pursuing graduate degrees.