Student loan borrowers should keep eyes on their accounts in the coming months as the Biden administration pushes forward with student loan relief initiatives.
Following the Supreme Court’s block on Biden’s initial forgiveness program in 2023, the administration has continued to implement a series of programs to assist some of the 43.2 million borrowers struggling under America’s $1.6 trillion in federal student loan debt.
Earlier this year, changes were made to the income-driven repayment Saving on a Valuable Education (SAVE) Plan, giving borrowers who originally took out $12,000 or less a chance to have loans completely wiped after 10 years of paying.
In May 2024, the administration also announced an additional $7.7 billion in forgiveness for undergraduate loan holders, a precursor to another cut set to take place in July.
Having trouble keeping up with all of the changes and programs? Here’s what to know.
Biden admin announces $7.7 billion in student loan debt relief
Recently, the Biden administration announced an additional $7.7 billion in loan debt relief was approved for 160,500 borrowers. This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education.
Additionally, the administration is working on expanding and contacting eligible borrowers to get a SAVE plan, which currently has 7.7 million borrowers enrolled, 4.3 million of whom have $0 payments, according to the Department of Education.
Read the full story here: Who’s getting student loan forgiveness after $7.7 billion in relief? Here’s a breakdown
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