Tennessee borrowers receive over $25M in student loan forgiveness

By V.S. Santoni& The Biden-Harris Administration has announced the distribution of $1.2 billion in student loan forgiveness nationwide under President Biden’s Saving on a Valuable Education (SAVE) Plan. This initiative, aimed at alleviating the burden of student debt, is making a tangible impact on borrowers across the United States, including in Tennessee. Tennessee, home to 3,340 borrowers, is set to receive over $25.7 million in forgiveness under the SAVE Plan. This significant relief comes as part of the administration’s commitment to making higher education more affordable and accessible for Americans nationwide. U.S. Secretary of Education Miguel Cardona praised the initiative, stating, “When we talk about fixing a broken student loan system, this is what we’re talking about.” He emphasized that the forgiveness numbers reflect President Biden’s leadership and the administration’s dedication to ensuring equal access to education and democracy. Under the SAVE Plan, borrowers who have been making payments for at least 10 years and originally borrowed $12,000 or less for college are eligible for forgiveness. Additionally, for every $1,000 borrowed above $12,000, borrowers can receive forgiveness after an additional year of payments. The initiative aims to provide relief to hard-working Americans burdened by student loan debt. It reflects the...