President Joe Biden’s administration is making headlines by cancelling $1.2 billion in student loans for approximately 153,000 individuals as part of a program aimed at fulfilling promises to enhance debt forgiveness, The New York Post reported.
The move follows the Supreme Court’s rejection of a broader $430 billion student loan forgiveness plan last June, prompting Biden to explore alternative approaches to address the issue.
The White House emphasises that this initiative will particularly benefit community colleges and other borrowers with smaller loans, expediting their path to freedom from student debt.
Under the new repayment plan, individuals who initially borrowed $12,000 or less and have made payments for at least ten years will see their federal student loan balances forgiven.
Those registered in the SAVE program are expected to receive emails on Wednesday, notifyin
