Biden Administration announces $1.2 billion in Student Debt Forgiveness for 153,000 borrowers

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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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