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On Feb. 21, the Biden administration announced that they are canceling $1.2 billion in student loans, which covers around 153,000 students and borrowers.
This was following the administration’s launch of the Saving on a Valuable Education plan last summer, which is an income-driven repayment plan that strives to give borrowers “a little more breathing room,” as President Biden stated in an email.
To be eligible for the SAVE plan, borrowers must have taken out at least $12,000 for college and have been making loan payments for at least 10 years.
Last month, Biden stated that out of the 30 million Americans eligible for the SAVE plan, only 6.9 million are signed up.
The SAVE program is unlike other debt relief programs that have taken place under the Biden administration, which are typically only available to specific groups of borrowers, such as public-sector workers.
