"Biden Administration Forgives Billions in Student Loans for Thousands of Borrowers"
The Biden administration's new repayment plan, SAVE, has wiped out loan balances for nearly 153,000 borrowers who borrowed $12,000 or less and have been paying their student loans for at least 10 years. Education Secretary Miguel Cardona stated that the plan aims to provide debt relief to those who need it most and address the soaring cost of college. Despite criticism and legal challenges, Cardona believes that the debt relief plan can survive through the regulatory process. Additionally, the Education Department is working to address delays in the financial aid application process to ensure that students receive timely information for their college decisions.
- Nearly 153,000 borrowers get student loans canceled under new Biden plan NPR
- Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers CNBC
- Biden has canceled nearly $138 billion in student loan debt so far CNN
- Biden administration cancels $1.2 billion in student loans through Save payment plan The Washington Post
- Parents Would Have Billions of Dollars in Student Loans Forgiven Under New Plan Newsweek
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