The U.S. Education Department has announced an acceleration in the provision of student loan relief for eligible borrowers. As reported by USA Today, the agency is expediting the forgiveness process for individuals enrolled in President Joe Biden’s newly introduced income-driven repayment plan called Saving on a Valuable Education (SAVE).
Initially slated for launch in July 2024, the SAVE plan will now commence in February, offering immediate debt cancelation for borrowers who initially took out $12,000 or less in undergraduate or graduate student loans and have been in repayment for at least 10 years.
President Joe Biden said in a statement, “I am proud that my Administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule.”
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