The Biden administration will forgive $1.2 billion in student loan debt for nearly 153,000 borrowers. The relief targets borrowers who have been in repayment for 10 years or longer and originally took out $12,000 or less. Under a new income-driven repayment plan called SAVE, these borrowers can get their debt canceled after 10 years of payments rather than 20-25 years. The Education Secretary said borrowers who paid for a decade have done their part and deserve relief.
