"Biden Administration Forgives $1.2 Billion in Student Debt for 153,000 Borrowers"

The Biden administration is automatically forgiving $1.2 billion in student debt for 153,000 borrowers who have been enrolled in the Saving on a Valuable Education (SAVE) repayment plan and have made at least 10 years of payments. Borrowers who qualify will receive an email from President Joe Biden informing them of the forgiveness, and no further action is required. The SAVE plan is an income-driven repayment program created by the Biden administration, and there are currently 7.5 million borrowers enrolled in it.