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Biden administration cancels student loans of more than 150,000 borrowers under new plan
Those who qualify must be enrolled in the administration’s Saving on a Valuable Education repayment plan, which was launched last summer.
(NBC News) – The Biden administration on Wednesday is canceling $1.2 billion in student debt for about 153,000 borrowers who took out relatively modest student loans and have been repaying it for the last decade or more.
A borrower can qualify for the forgiveness if they’re enrolled in the administration’s Saving on a Valuable Education (SAVE) repayment plan and “have been making at least 10 years of payments, and have originally taken out $12,000 or less for college,” a White House fact sheet said. It also said that “for every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments.”
As an example, the fact sheet said, “a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have…
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