Did you know that Biden announces forgiveness of $1.2 billion of student debt Student loans?

Did you know that the Biden-Harris Administration Approves $1.2 Billion in Loan Forgiveness for Over 150,000 SAVE Plan Borrowers?

Did you know that the Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden’s Saving on a Valuable Education (SAVE) Plan?

Did you know that the this action comes as 7.5 million borrowers are now enrolled in SAVE, 4.3 million of whom have a $0 monthly payment?

Did you know that U.S. Secretary of Education Miguel Cardona. Stated that “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?”

Did you know that borrowers who believe they meet these criteria are strongly encouraged to immediately sign up for SAVE at StudentAid.gov/save?

An Unparalleled Track Record of Student Debt Cancellation

Did you know to date the Biden-Harris Administration has also approved:

• $56.7 billion for more than 793,000 borrowers through fixes to PSLF.
• $45.6 billion for 930,500 borrowers through improvements to income-driven repayment.
• $11.7 billion for 513,000 borrowers with a total and permanent disability. This includes providing automatic discharges off a data match with the Social Security Administration
• $22.5 billion for 1.3 million borrowers through closed school discharges, borrower defense, and related court settlements.

Did you know that there are now 7.5 million borrowers enrolled in the SAVE Plan, of whom 4.3 million have a $0 payment.?

Did you know that the SAVE Plan is the most-affordable repayment plan for low- and middle-income borrowers and puts many on a path to earlier forgiveness?

TDid you know that the SAVE Plan protects borrowers from runaway interest and balances larger than what they originally took out?

Did you know that the improved application allows for a borrower’s income to be shared with the Internal Revenue Service so that they do not have to recertify on an annual basis?

Did you know that the Department will implement the remaining full benefits of the SAVE Plan in July 2024, which will further reduce monthly payments from 10 percent of a borrower’s discretionary income to 5 percent?

Did you know that now borrowers can learn more about forgiveness programs at StudentAid.gov/forgiveness?

Did you know that borrowers can learn more about the right repayment plan for their financial situation at StudentAid.gov/restart.?

Did you know that more information about the SAVE plan is available at StudentAid.gov/save?

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