Biden's Student-Debt Relief Proposal Targets Financial Hardship, Aims for July 2025 Implementation
Over 150,000 borrowers to benefit from $1.2 billion in debt cancellation under the SAVE plan, following Supreme Court's block of initial forgiveness effort.
- The Education Department finalizes its proposal for student-debt relief, targeting borrowers facing financial hardship.
- Over 150,000 borrowers across the U.S. will benefit from $1.2 billion in debt cancellation under the SAVE plan.
- Biden's administration continues efforts to provide debt relief despite Supreme Court's block of the initial plan.
- The SAVE plan offers a faster path to forgiveness for borrowers with loans of $12,000 or less who have been in repayment for at least 10 years.
- Public comment period to follow the proposal's publication in the Federal Register, with implementation expected in July 2025.
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