The impacted borrowers are people enrolled in the SAVE Plan.

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.

  • Spiralvortexisalie@lemmy.worldEnglish
    34·
    9 months ago

    Biden choose the most controversial way of accomplishing the debt relief plan and has refused to pursue the plan outlined by legal scholars even after his plan failed source. Considering that Biden has long been talking out both sides of his mouth, see his stance on Israel at the moment for a contemporary example, it would appear that he does not want to give the actual relief promised.