Back

Student Loan Forgiveness: Biden Cancels $1.2B of Federal Debt

President Joe Biden’s administration announced that more than 150,000 borrowers will receive $1.2 billion in student loan forgiveness under a program unveiled in January seeking to provide relief for Americans who had been making payments for at least a decade.

The move – which benefits those enrolled in the government’s Saving on a Valuable Education (SAVE) plan – wipes out loans for those who borrowed less than $12,000 for their higher education. Other income-driven repayment plans also forgive balances, but only after 20 or 25 years of repayment.


Source link

Wealthfargo
Wealthfargo

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies to give you the best experience. Cookie Policy