Biden Wipes Out $1.2B in Student Loans Ahead of Schedule

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A tassel with 2023 on it rests on a graduation cap as students walk in a procession for Howard University's commencement in Washington, Saturday, May 13, 2023. President Joe Biden has announced student debt cancelation for an additional 153,000 borrowers. (AP Photo/Alex Brandon, File)
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President Joe Biden made a monumental move announcing the cancelation of $1.2 billion in student debt for nearly 153,000 borrowers under the Saving on a Valuable Education (SAVE) repayment plan.

The historic decision accelerates the administration’s commitment to easing the student debt burden, bringing the total relief to nearly $138 billion for almost 3.9 million Americans.

What’s more, this relief comes six months ahead of schedule, offering immediate financial breathing room to many. Under this plan, individuals who’ve been diligently making payments for as little as ten years, and have taken loans up to $12,000, will see their debt erased.

This is part of Biden’s broader effort to make higher education more accessible and less of a financial strain. It’s a significant step towards fulfilling the promise of education as a pathway to the middle class, not a barrier.


Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.

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