East County News Service

February 21, 2024 (Washington D.C.) -- President Joe Biden today announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education, or SAVE, repayment plan.

The borrowers receiving relief are the first to benefit from a SAVE plan policy that provides debt forgiveness to borrowers who have been in repayment after as little as 10 years and took out $12,000 or less in student loans. Originally planned for July, the Biden-Harris Administration implemented this provision of SAVE and is providing relief to borrowers nearly six months ahead of schedule.

The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions.

White House fires back at critics who had federal loans forgiven too

By Miriam Raftery

August 27. 2022 (Washington D.C.) – If you have a federal student loan and earn less than $125,000 a year, you are eligible to have $10,000 forgiven – or $20,000 if you were a recipient of a Pell Grant awarded to help low-income students attend college.

President Joe Biden announced the plan this week, also extended a pause on student loan repayments until December 31. In addition, Biden’s plan caps future repayments at 5% of your monthly income, down from the current 10% threshold.

An application for the partial student loan forgiveness will be posted later this year; borrowers can sign up at https://www.ed.gov/subscriptions to receive updates on the federal student loans.