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

The Biden administration's student debt forgiveness

Details of the Announcement

The Biden administration announced it's forgiving $1.2 billion in student debt for 153,000 borrowers, who are enrolled in the Saving on a Valuable Education (SAVE) plan. Borrowers don't need to take further action as forgiveness will be processed by servicers.

About the SAVE Plan

The SAVE plan is an income-driven repayment program designed to reduce financial burden.