"Biden Administration's Early Student Loan Debt Cancellation Benefits Over 150,000 Borrowers"

President Biden has announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers enrolled in the SAVE repayment plan, ahead of schedule. This brings the total student debt cancellation under the Biden-Harris Administration to nearly $138 billion for almost 3.9 million borrowers. The SAVE plan provides debt forgiveness to borrowers who have been in repayment for as little as 10 years and took out $12,000 or less in student loans. The administration is also making efforts to enroll more borrowers in the SAVE plan and has taken historic steps to improve the student loan program and make higher education more affordable for more Americans.