"Biden Expedites Student Loan Forgiveness for Select Borrowers"

President Biden announced that student borrowers who took out less than $12,000 in loans and have been in repayment for 10 years could have their remaining loan balance canceled immediately starting in February, as part of the new Saving on a Valuable Education (SAVE) plan. This plan aims to provide debt relief to community college borrowers, low-income borrowers, and those struggling to repay their loans, and links repayments to income, potentially lowering monthly payments to $0 for some borrowers. About 6.9 million borrowers are enrolled in the new plan, with approximately 3.9 million having monthly payments of $0.