Biden administration cancels another $1.2 billion in student loans

President Biden has expedited student debt cancellation for over 150,000 borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan, ahead of schedule. Originally slated for July, this $1.2 billion debt forgiveness initiative is part of the Biden-Harris Administration's broader efforts, which have now relieved nearly $138 billion in student debt for nearly 3.9 million borrowers through executive actions. The SAVE plan prioritizes borrowers who have been in repayment for at least 10 years and have borrowed $12,000 or less in student loans, with additional relief tied to the duration and amount of borrowing. This move underscores President Biden's commitment to addressing the student loan crisis, making higher education accessible, and providing financial relief to millions of Americans burdened by student debt.