Biden Plans to Forgive Another $1.2 Billion in Student Debt

Another $1 Billion of Student Debt to Be Forgiven?!

( – President Joe Biden is forgiving another round of student loan debt and this time the Biden Administration said they’d be helping out nearly 150,000 people by forgiving $1.2 billion in student loan debt.

Saving on a Valuable Education is the name of the new repayment plan for this loan forgiveness. Also referred to as the SAVE plan, this will be for those individuals who have been on a repayment plan for over 10 years and took out originally $12,000 or less.

It’s quite normal for people to get repayment plan forgiveness after about 20 to 25 years of payments. This plan, on the other hand, allows people to get forgiveness after just 10 years of being on a payment plan, which makes the SAVE plan a much more efficient and effective way to eliminate debt.

According to Miguel Cardona, the U.S. Secretary of Education, “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.”

Those who are eligible for this forgiveness will begin receiving emails on Wednesday that will be addressed from Joe Biden. According to the Department of Education, the borrowers won’t need to do anything else following the email. They will begin getting emails as long as they have signed up for Joe Biden’s student debt relief program and meet these requirements: have been paying for 10 years at least and have a full loan amount of $12,000 or less.

Last June, Biden’s request to help students with loan forgiveness was denied and since then the Biden administration has been looking into all opportunities to help forgive the debt of students. Since then, Biden has been able to forgive almost $138 billion for 3.9 million students.

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