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U.S. Secretary of Education Miguel Cardona emphasized the administration’s commitment to providing relief, stating, “If you’ve been paying for a decade, you’ve done your part, and you deserve relief.” Under the SAVE plan, borrowers enrolled in the program who have been in repayment for at least a decade and took out $12,000 or less in loans will receive immediate debt relief. The Department of Education identified and notified the nearly 153,000 borrowers enrolled in the SAVE plan who qualify for debt cancellation. Additional outreach will be conducted to encourage eligible borrowers not currently enrolled in SAVE to join the program.
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Biden administration announces $1.2 billion in new student debt reliefRooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
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Biden cancels $1.2 billion in student debt six months ahead of schedulePresident Biden has unilaterally canceled an additional $1.2 billion in student debt for nearly 153,000 borrowers, the White House announced on Feb. 21, 2024.
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150,000 more student loan borrowers to receive debt relief beginning WednesdayThe impacted borrowers are people enrolled in the SAVE Plan.
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