President Biden has canceled $1.2 billion in student loan debt for over 150,000 borrowers through the SAVE plan, expediting debt forgiveness for those with smaller loans.
This move is part of Biden’s efforts to address student debt and make higher education more accessible.
“This shortened time to forgiveness will particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before,” the White House stated. “Under the Biden-Harris Administration’s SAVE plan, 85 percent of future community college borrowers will be debt free within 10 years.”
The total student loan debt relief provided unilaterally by Biden now amounts to nearly $138 billion for almost 3.9 million borrowers.
“From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class — not a barrier to opportunity,” the White House added.
“With today’s announcement, we are once again sending a clear message to borrowers who had low balances: if you’ve been paying for a decade, you’ve done your part, and you deserve relief,” Secretary of Education Miguel Cardona said. “Under President Biden’s leadership, our Administration has now approved loan forgiveness for nearly 3.9 million borrowers, and our historic fight to cancel student debt isn’t over yet.”
The administration has also approved other debt cancellation programs, totaling billions of dollars.
The SAVE plan is estimated to cost $475 billion over a 10-year period, with Republicans criticizing the impact on national debt.
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