President Joe Biden announced last week that he is shortening the timeline to provide forgiveness for some student loan borrowers enrolled in the Saving on Valuable Education (SAVE) plan. Starting next month, borrowers with as few as 10 years of payments who initially took out $12,000 or less for college will have their remaining debts zeroed. Borrowers must be enrolled in the SAVE Plan to qualify.
The Department of Education has also launched an outreach and email campaign to encourage borrowers not currently enrolled in SAVE to sign up because they may benefit from this shortened repayment period. Borrowers who attended community colleges will be most impacted since these students typically borrow smaller amounts. The Department estimates that the SAVE Plan will make 85% of future community college borrowers debt-free within 10 years. The SAVE Plan will also help borrowers who are more likely to struggle with their loans, as most borrowers in default originally borrowed $12,000 or less.As many as
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President Biden Student Loan Forgiveness Saving On Valuable Education SAVE Plan Department Of Education Community College Borrowers
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