President Biden Announces New Wave of Early Student Debt Cancellation for Some Borrowers

President Joe Biden announced Friday that federal student debt will be wiped out for certain borrowers who took out relatively small loans and have been in repayment for the past decade.

Borrowers who received less than $12,000 in federal loans and have been paying off their balances for at least 10 years “will get their remaining student debt cancelled immediately” in February, Biden said in a statement.

He said that the move comes “nearly six months ahead of schedule” and that it applies to borrowers enrolled in the new income-driven repayment plan known as SAVE, which administration officials touted in recent months as a way to help lower their monthly payments.

Read the source article at NBC News