Biden Administration Announces $1.2 Billion in Student Debt Forgiveness

By Stacy M. Brown NNPA Newswire Senior National Correspondent@StacyBrownMedia In a significant move to alleviate the burden of student debt, the Biden administration revealed on Wednesday its decision to automatically forgive $1.2 billion in student loans for 153,000 borrowers. Those eligible for debt relief are individuals enrolled in the Saving on a Valuable Education (SAVE) repayment plan who have diligently made payments for at least ten years. The Department of Education said it would email those who will receive the debt cancellation today, another step in the administration’s ongoing efforts to address the nation’s staggering $1.77 trillion student debt crisis. The announcement comes after the Supreme Court invalidated the administration’s previous plan for widespread student loan forgiveness, which aimed to assist over 40 million borrowers in wiping away up to $20,000 in debt. U.S. Secretary of Education Miguel Cardona emphasized the administration’s commitment to providing relief, stating, “If you’ve been paying for a decade, you’ve done your part, and you deserve relief.” This latest move brings total approved loan relief to nearly 3.9 million borrowers, with a cumulative debt cancellation of almost $138 billion through various executive actions. The 153,000 qualifying borrowers represent the first group to benefit from the...