President Biden will announce nearly $1.2 billion in student debt cancellation for 153,000 borrowers who have been repaying loans for over 10 years.
This is the latest round of relief under Biden’s income-driven repayment plan, which offers forgiveness after 10-20 years of payments depending on amount borrowed.
“Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan,” the email will read.
“I hope this relief gives you a little more breathing room,” it states.
Biden will tout this announcement and his administration’s $138 billion in broader relief.
However, Democrats face challenges ensuring Biden gets credit for the cancellations amid debates over wider forgiveness.
The Education Department will email eligible borrowers to notify them, with Biden signing messages touting relief.
This is aimed at raising awareness of the benefits.
Republicans criticize the costs of Biden’s programs, though Democrats have expanded access to repayment plans that offer a clearer path to forgiveness.
Most Popular:
FBI Informant Who Criticized Biden Gets Bad News
Drag Queen Principal Learns His Fate Amid Controversy
