Biden Admin Forgives $1.2B in Student Loan Debt Through SAVE Plan
By Matthew Arrojas Borrowers enrolled in the newest income-driven repayment (IDR) plan will see over $1 billion in student loan forgiveness. The Department of Education (ED) will soon discharge $1.2 billion in federal student loan debt for borrowers enrolled in the new Saving on a Valuable Education (SAVE) plan, which creates low monthly payments for borrowers. Under the SAVE plan, borrowers who originally took out $12,000 or less in student loans qualify for automatic debt forgiveness after 10 years of making payments. Nearly 153,000 SAVE plan borrowers benefited from this mechanism during this latest round of relief, according to ED. President Joe