The Biden administration announced it would begin forgiving federal student loans for borrowers who have been in repayment for 10 years or more and originally took out $12,000 or less. To qualify for early forgiveness, set to begin next month, borrowers must enroll in the new Saving on a Valuable Education repayment plan. Under the SAVE plan, forgiveness usually takes 20-25 years, but the 10-year period applies to those meeting the loan amount and repayment timeline criteria. As of early January, 6.9 million borrowers were enrolled in SAVE, which the administration calls "the most affordable repayment plan ever created."
