Education Department Speeds Up Student Loan Relief Under Biden’s SAVE Plan, Starting in February


FILE - President Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the White House, Oct. 4, 2023, in Washington. The Biden administration will start canceling student loans for some borrowers starting in February as part of a new repayment plan. Cancellation was originally set to begin in July under the new SAVE repayment plan, but it's being unrolled ahead of schedule to provide faster relief to borrowers. (AP Photo/Evan Vucci, File)
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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.”

Click play to listen to the AURN News report from Clay Cane. Follow @claycane & @aurnonline for more.

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