Biden Announces Early Student Loans for Borrowers
President Joe Biden declared on Friday that some students who took out modest loans and have been making payments for the previous ten years will have their federal student debt forgiven.
In February, Biden stated in a statement, "borrowers who received less than $12,000 in federal loans and have been paying off their balances for at least 10 years will get their remaining student debt cancelled immediately."
He stated that the action is "nearly six months ahead of schedule" and that it affects borrowers who are registered in SAVE, the new income-driven repayment plan that administration officials have been promoting as a means of assisting borrowers in reducing their monthly payments.
Although 30 million individuals are eligible for the SAVE plan, 6.9 million people are registere...