Student Loan Forgiveness Update

Biden Administration Cancels $12 Billion in Student Debt for 153,000 Borrowers

Automatic Discharge for SAVE Program Participants

The Biden-Harris Administration announced on Friday that it will automatically discharge $12 billion in student loans for nearly 153,000 borrowers. The move is part of the administration's ongoing efforts to provide student debt relief to millions of Americans.

Identifying Eligible Borrowers

The Department of Education identified the eligible borrowers as those who are enrolled in the Student Aid and Verification Enforcement (SAVE) program. The SAVE program is designed to prevent fraud and abuse in federal student aid programs.

Details of the Relief

The borrowers who are eligible for the automatic discharge have been notified by the Department of Education. The discharge will apply to all federal student loans that the borrowers have, regardless of the type of loan or the lender.

Continuing Efforts for Student Debt Relief

The automatic discharge of $12 billion in student debt is part of the Biden administration's broader plan to provide student debt relief to millions of Americans. The administration has already taken a number of steps to provide relief, including extending the pause on federal student loan repayments and expanding income-driven repayment plans.

Additional Relief Expected

The Biden administration has indicated that it is considering additional student debt relief measures. The administration is reportedly considering cancelling up to $50,000 in student debt for federal borrowers, but no official announcement has been made yet.