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Biden administration cancels $1.2 billion in student loans six months ahead of schedule
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The Biden administration said it will begin notifying around 153,000 borrowers on Wednesday that their student loans have been canceled as part of a new repayment plan that's taking effect nearly six months ahead of schedule.
Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it was accelerated to provide faster relief to borrowers, President Joe Biden announced last month. It’s part of an effort “to act as quickly as possible to give more borrowers breathing room” and move on from their student debt, the Democratic president said in a statement.
Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it was accelerated to provide faster relief to borrowers, President Joe Biden announced last month. It’s part of an effort “to act as quickly as possible to give more borrowers breathing room” and move on from their student debt, the Democratic president said in a statement.
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