The White House on Wednesday announced that President Biden has canceled another $1.2 billion in student loan debt for more than 150,000 borrowers earlier than expected. In an executive action that was originally planned for July, Biden has activated a Savings on Valuable Education plan policy that cancels debt for enrolled borrowers who have been in repayment for at least 10 years and hold $12,000 or less in student loan debt.
US DEPARTMENT OF EDUCATION SUPPORTS COLLEGES AND STUDENTS AMID FAFSA DELAYS The nearly 153,000 borrowers who have qualified for Biden's latest handout will receive an email from the president starting this week informing them of their relief, according to the White House. Next week, the U.S. Department of Education will begin to contact borrowers who are not enrolled in the SAVE plan but who are eligible for relief to encourage them to sign up.