"Biden's $1.2 Billion Student Loan Forgiveness Benefits 153,000 Borrowers"
The Biden administration has announced the cancellation of $1.2bn in student debt for 153,000 American borrowers enrolled in the Save repayment plan, who have been making payments for at least 10 years and originally borrowed $12,000 or less for school. This move aims to particularly help community college and other borrowers with smaller loans. Additionally, the Department of Education will begin contacting eligible individuals not enrolled in the Save plan. President Biden has also shortened the forgiveness timeline for those with smaller balances, putting them on a 10-year track. This comes after the Supreme Court had previously blocked his plan to cancel student debt for over 40 million Americans.
