Hello @MICAH LIGGAYU
Based on documentation https://support.atlassian.com/loom/docs/downgrade-or-cancel-your-loom-plan/
Downgrade or cancel
Navigate to your Workspace Settings from the left sidebar of your account.
Select the Plan & Billing tab.
Under your account, select Manage Subscription to go to the downgrade flow.
Select Downgrade to Starter to follow the downgrade flow.
Select the downgrade reason and Complete cancellation.
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