The White House is encouraging colleges and universities, employers and other private sector partners, government agencies, labor unions, community leaders, and other organizations to share information with students and graduates, employees, members, and others on the Saving on A Valuable Education (SAVE) Plan, the most affordable student loan repayment plan in history.
President Joe Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers enrolled in the SAVE repayment plan. The Biden-Harris Administration has approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers.
The borrowers receiving relief are the first to benefit from a SAVE plan policy that provides debt forgiveness to borrowers who have been in repayment after as little as 10 years and took out $12,000 or less in student loans.