The Biden administration announced on Wednesday that it would forgive over 150,000 student loans totaling $1.2 billion. Biden will send an email to nearly 153,000 people who have enrolled in the Saving on a Valuable Education repayment plan (SAVE), borrowed less than $12,000, and made payments for at least ten years.
[[{“value”:”The Biden administration announced on Wednesday that it would forgive the student loans of more than 150, 000 borrowers, totaling a staggering$ 1.2 billion. This week, Biden will send an email to nearly 153,000 people who have signed up for the Saving on a Valuable Education ( SAVE ) repayment plan, borrowed$ 12, 000 or less, and have been making payments for at least 10 years to confirm their debt cancellation.
According to the email, NBC News reports that” I’ve heard from many people who have told me that paying off their student loan debt will enable them to support themselves and their families, purchase their first home, launch a small business, and move ahead with life plans they have put on hold.”
The president, who made debt forgiveness a key component of his campaign platform, has been anticipating this latest wave of student loan cancellations for years.
Biden’s unique proposal, which would have eliminated$ 430 billion of debt, was rejected by the Supreme Court in June 2023, forcing the president to change his course of action and implement the SAVE program, a smaller debt relief program that apparently forgives remaining loan balances after set periods of time rather than the loan amount. The White House reports that Biden’s administration has thus much canceled student loan debt for at least 3.9 million borrowers. 7.5 million people are now enrolled in the Saving program out of the 30 million eligible participants. Next week, the Department of Education will presumably contact unenrolled borrowers who are eligible for debt relief and encourage them to enroll.”}]] The Biden administration announced on Wednesday that it would forgive more than 150,000 student loans totaling$ 1.2 billion from borrowers. Biden will send an email to nearly 153,000 people who have signed up for the Saving on a Valuable Education ( SAVE ) repayment plan, borrowed$ 12, 000 or less, and have been making payments for at least 10 years.
The Biden administration announced on Wednesday that it would forgive over 150,000 student loans totaling $1.2 billion. Biden will send an email to nearly 153,000 people who have enrolled in the Saving on a Valuable Education repayment plan (SAVE), borrowed less than $12,000, and made payments for at least ten years.
Stephanie Scarbrough, from the Associated Press. Combat misinformation by subscribing to the complimentary Mother Jones Daily newsletter and staying informed on important news. This week, the Biden administration revealed plans to cancel $1.2 billion in student loan debt for over 150,000 borrowers. The White House has confirmed that Biden’s administration has forgiven student loan debt for a minimum of 3.9 million borrowers as part of this plan. 7.5 million out of 30 million eligible individuals are currently participating in the SAVE program. The Department of Education plans to contact unenrolled borrowers who are eligible for debt relief and invite them to participate in the program next week.
