Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
The Biden administration announced on Wednesday a new student debt relief regulation that would reduce or eliminate college debt for 30 million borrowers.
The White House said it will provide additional information on student loan relief to borrowers this fall once Department of Education rules are finalized.The Department of Education said that four groups of borrowers would benefit from the new plan: “These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others, U.S. Secretary of Education Miguel Cardona said in a statement.
The SAVE Plan provides some borrowers with lower income-driven repayments, while others forgive borrowers' loans outright.
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