150,000 more student loan borrowers to receive debt relief beginning Wednesday

MicroWave@lemmy.world to News@lemmy.world – 250 points –
150,000 more student loan borrowers to receive debt relief beginning Wednesday
abcnews.go.com

The impacted borrowers are people enrolled in the SAVE Plan.

The Biden administration will begin automatically relieving student debt for another 153,000 people on Wednesday, bringing the total number of Americans approved for debt relief to nearly 3.9 million.

President Joe Biden will tout the new debt relief in a speech from Los Angeles, and thousands of people will receive an email from the president informing them that they now qualify for relief.

"Congratulations — all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan," the email from the president will read.

The people receiving debt relief beginning Wednesday are those who enrolled in the newest student loan payment plan, called the SAVE Plan, which the Department of Education calls the most affordable plan for the majority of borrowers.

Anyone enrolled in the SAVE Plan who took out less than $12,000 in initial loans and has been paying them down for the past 10 years or more will have them forgiven.

47

You are viewing a single comment

This sounds really ambiguous. What "different rationales" are you referring to? I'm pretty sure his team of lawyers and advisors have pursued every alternative avenue possible. Warren's recent interview with PSA reflects this. If he wanted to provide blanket coverage before, why wouldn't he try now when it's such an obvious win to rally support from an essential coalition?

3 more...