"Biden's Early Student Loan Forgiveness Plan Accelerates Debt Relief"

The Biden administration is fast-tracking a plan to erase the debts of federal student loan borrowers who initially borrowed less than $21,000, with debts automatically erased in February for those who borrowed $12,000 or less and have been in repayment for at least 10 years, as long as they enroll in the new income-based repayment plan known as SAVE. The plan exempts more of a borrower's income from the monthly payment math than previous plans and promises multiple windows for loan forgiveness, drawing criticism from House Republicans while President Biden vows to veto any bill to kill the plan.