The Biden administration has introduced the Saving on a Valuable Education (SAVE) Plan, expanding and accelerating income-driven student loan forgiveness.
Borrowers with loans of $12,000 or less, who have made at least 10 years of payments, will be eligible for debt cancellation as early as next month.
The plan aims to make 85% of community college borrowers debt-free within 10 years and includes outreach programs to boost enrollment. (Trending: Trump Defies Court And Delivers Closing Argument At Civil Fraud Trial)
“Beyond being the most affordable student loan repayment plan ever available, the Biden-Harris Administration designed the SAVE Plan to put community college students and other low-balance borrowers on a faster track to debt forgiveness than ever before,” Education Secretary Miguel Cardona stated.
“With lower monthly payments, protection from runaway interest, and faster timelines to debt forgiveness, President Biden’s SAVE plan is not only benefitting millions of current borrowers but also providing the students of today and tomorrow with a more affordable pathway to college degrees and credentials.”
The new plan replaces the Revised Pay As You Earn plan and is viewed as a response to the Supreme Court striking down the original debt cancellation plan.
“This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans,” Biden stated.
“And it’s part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives, and pursue their dreams.”
Most Popular:
Michelle Obama Admits Being ‘Terrified’ Ahead of 2024
Melania Trump Breaks Silence On Tragic Family Death
Joe Biden Caught In Major Lie About J6
