Biden Administration Announced Acceleration of Student Loan Forgiveness Plan
The Biden administration is expediting its student loan forgiveness plan for certain borrowers through the Saving on a Valuable Education (SAVE) repayment program. The fast-tracked provision aims to cancel debts for eligible borrowers starting next month, benefiting the 6.9 million enrolled in SAVE. While the relief is automatic for those already enrolled in SAVE, some borrowers might need to take immediate action to qualify. The SAVE plan reduces monthly federal student loan payments for undergraduates from 10% to 5% of discretionary income and accelerates forgiveness timelines, particularly for those with balances of $12,000 or less, erasing remaining debt after a decade.
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