"Biden Administration Forgives $1.2 Billion in Student Loans for Over 150,000 Borrowers"

The Biden administration is canceling $1.2 billion in student debt for about 153,000 borrowers who have been repaying relatively modest loans for at least 10 years under the SAVE repayment plan, with forgiveness increasing for every $1,000 borrowed above $12,000. This brings the total amount of student debt canceled by the administration to nearly $138 billion for nearly 3.9 million borrowers, with plans to contact other eligible borrowers next week. The relief program aims to provide immediate breathing room for borrowers and was launched after the Supreme Court struck down Biden’s original student debt relief program.