The Biden administration’s student loan forgiveness initiative is set to start earlier than expected, with some eligible borrowers having their debts cleared possibly next month.
Initially planned for a July launch, this program targets those under the administration’s ‘SAVE’ plan, established following the Supreme Court’s rejection of an earlier student loan forgiveness proposal.
This debt relief is for federal student loan holders who owe less than $12,000 and have been paying for over ten years.
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From February, those in the SAVE program will be informed if they’re eligible for debt forgiveness, without needing further action.
According to the White House, about 7 million people have enrolled in the SAVE plan.
President Joe Biden stated that the plan is designed to rapidly offer more relief to borrowers, helping them alleviate the stress of their student loan debts.
The Biden administration has prioritized student loan forgiveness, though the journey has been hindered by Supreme Court decisions and legal challenges from various states.
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After this declaration, some Republican leaders criticized President Biden, alleging vote-buying before the election, and promised to keep opposing the program.
For more details, the Department of Education’s website offers additional information.
