Earlier this week, Biden announced a new group of student debt relief proposals that could possibly go into effect this fall.In total, the Biden administration has authorized the cancellation of $153 billion in student loan debt for nearly 4.3 million people.Under President Joe Biden , the Department of Education has made it easier for some specific groups of borrowers, like public sector workers, to qualify for loan forgiveness .
Biden's student loan forgiveness efforts have been sharply criticized by many Republicans, who argue the president is transferring the cost to taxpayers who chose not to go to college or who already paid for it themselves. They also say he is circumventing the Supreme Court, which knocked down Biden's signature student loan forgiveness program last year.
There's a forgiveness component for borrowers once they've made monthly payments for a certain number of years under SAVE. That's true under other income-driven repayment plans, too, but the time it takes to receive debt relief is shorter under SAVE and based on how much the borrower initially took out. For example, those who borrowed $12,000 or less will see their debt forgiven after paying for 10 years, compared with the 20-plus years it may take if enrolled in another plan.
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