Biden Announces Loan Forgiveness for 153,000 Under SAVE Plan

The new income-driven repayment plan has enrolled over 75 million borrowers, offering reduced payments and preventing interest accumulation.

Over 75 million student loan borrowers have enrolled in the U.S. government's SAVE plan since its launch in August.
President Joe Biden announced the cancellation of federal student loans for nearly 153,000 borrowers under the SAVE plan, targeting those who had made payments for at least 10 years and originally borrowed $12,000 or less.
The SAVE plan, designed to replace existing income-driven repayment plans, offers more borrowers the chance to reduce their monthly payments to $0 and prevents interest accumulation.
Eligibility for the SAVE plan is extended to all student loan borrowers in the Direct Loan Program who are in good standing on their loans.
Future forgiveness under the SAVE plan will target borrowers who have been paying their loans for at least 20 or 25 years, among other categories.