February 21, 2024

The Biden administration has approved another $1.2 billion in student debt discharges for more than 150,000 borrowers. The latest loan forgiveness, announced by the Education Department today, targets a specific group of longtime borrowers enrolled in the Education Department’s much-touted repayment plan. Via USAToday:

It comes just a day before a group of federal negotiators is set to discuss broader plans for even more student debt relief. It's also the first batch of forgiveness to come through since the Education Department sped up its timeline last month for implementing President Joe Biden’s income-based repayment plan, dubbed Saving on a Valuable Education, or SAVE. Initially, the relief wasn’t set to be approved until later this summer.

At that time, the department couldn’t say how many borrowers might get automatic cancellation. The tens of thousands of eligible borrowers had to meet a specific set of requirements. In order to make the cut, they had to be enrolled in SAVE. They also had to be in repayment for at least 10 years on a loan of $12,000 or less.

“From day one of my Administration, I vowed to fix student loan programs so higher education can be a ticket to the middle class – not a barrier to opportunity.” Biden wrote in an email set to go out to eligible borrowers. “I hope this relief gives you a little more breathing room.”

Congratulations to the students who will benefit from this program. What a relief it must be...

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