Biden Administration Pursues Student Loan Forgiveness Through New Repayment Plan
- The Biden administration introduced the SAVE student loan repayment plan after the Supreme Court blocked a broader forgiveness plan.
- The new plan will cut monthly payments for federal borrowers and allow faster debt cancellation after 10 years of repayment.
- Additionally, over 800,000 borrowers will have $39 billion in debt automatically discharged due to issues tracking qualifying income-driven repayment payments.
- Despite legal challenges, the administration remains committed to providing relief through executive action on federal student loans.
- The plan aims to ease the burden for middle-class families struggling with student debt and simplify convoluted repayment options.
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