The Biden Administration has been recently working to forgive student loans in America. This plan aims to relieve 1.2 billion dollars of loans.
Who Qualifies
According to the secretary of education, “If you’ve been paying for over a decade, you’ve done your part, and you deserve relief.” The Administration will be canceling debt for those enrolled in the Saving on a Valuable Education (SAVE) plan, and have been in repayment for at least ten years and took out $12,000 or less for loans in college.
When It Will Go Into Effect
As of 2024, the Biden Administration has approved canceling out student loans for over 13,000 students. This is truly a big thing for many students suffering from loans.
Cites
https://www.ed.gov/news/press-releases/biden-harris-administration-approves-12-billion-loan-forgiveness-over-150000-save-plan-borrowers
https://www.whitehouse.gov/briefing-room/statements-releases/2024/02/21/fact-sheet-president-biden-cancels-student-debt-for-more-than-150000-student-loan-borrowers-ahead-of-schedule/#:~:text=Thanks%20to%20the%20Biden%2DHarris,less%20in%20loans%20for%20college.
https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.nbcnews.com%2Fpolitics%2Fwhite-house%2Fbiden-administration-cancels-student-loans-150000-borrowers-new-plan-rcna139731&psig=AOvVaw3euMNwag3XIpRJwXb_-dVg&ust=1709133350078000&source=images&cd=vfe&opi=89978449&ved=0CBEQjRxqFwoTCPCKuZboy4QDFQAAAAAdAAAAABAI
