Republican lawmakers want to overhaul student loans. Here's what to know.

Republican lawmakers on Monday introduced a proposal to overhaul the nation's student loan system, including eliminating a popular repayment plan that had helped millions save money on their debt payments. 

The proposal, which was released by the House Committee on Education and the Workforce, would save more than $330 billion, according to a statement by Committee Chairman Tim Walberg, a Republican from Michigan. 

The plan comes as Republicans move to slash federal spending in order to pass legislation that would extend President Trump's 2017 tax cuts, as well as add measures such abolishing taxes on tips. The student loan proposal also takes aim at a major  repayment program that sparked a lawsuit from Republican states last year over allegations the plan would result in lost revenue.