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Student Loan Relief

The Biden Administration will cancel a student loan debt for some borrowers in his latest effort to provide some relief for student loans after the Supreme Court blocked his initial proposal. The Administration would cancel certain balances under the Saving on a Valuable Education (SAVE) plan. Beginning in February, borrowers who took out less than $12,000 and have been in repayment for at least a decade will have remaining balances canceled. The move will help low-income borrowers and community college attendees. No estimate is available on how many borrowers would be eligible, or the value of loans that will be written off. The program has 6.9 million people enrolled. The number of eligible borrowers could grow in the coming years as more borrowers join the plan, unless the program is amended or cancelled by another administration.