{"id":153500,"date":"2024-02-22T08:15:36","date_gmt":"2024-02-22T13:15:36","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=153500"},"modified":"2024-02-21T16:57:56","modified_gmt":"2024-02-21T21:57:56","slug":"joe-biden-cancels-student-debt-for-more-than-150000-borrowers","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=153500","title":{"rendered":"Joe Biden cancels student debt for almost 153,000 borrowers"},"content":{"rendered":"

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The White House approved another round of student debt cancellations. Requirements include being enrolled in the SAVE plan, having up to $12,000 in student debt, and making payments for at least 10 years. Those who have borrowed more than $12,000 are not left out of this cancellation. Total White House approval of student loan cancellation amounts to nearly $138 billion in student debt, benefiting nearly 3.9 million borrowers.<\/p>\n

From the White House website:<\/span><\/strong><\/p>\n

Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions. 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. Originally planned for July, the Biden-Harris Administration implemented this provision of SAVE and is providing relief to borrowers nearly six months ahead of schedule.<\/p>\n

From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class — not a barrier to opportunity. Already, the President has cancelled more student debt than any President in history — delivering lifechanging relief to students and families — and has created the most affordable student loan repayment plan ever: the SAVE plan. While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers, and is leaving no stone unturned in the fight to give more borrowers breathing room on their student loans.<\/p>\n

Thanks to the Biden-Harris Administration’s SAVE plan, starting today, the Administration will be cancelling debt for borrowers who are enrolled in the SAVE plan, have been in repayment for at least 10 years and took out $12,000 or less in loans for college. For every additional $1,000 a borrower initially borrowed, they will receive relief after an additional year of payments. For example, a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have been in repayment for 12 years. The U.S. Department of Education (Department) identified nearly 153,000 borrowers who are enrolled in SAVE plan who will have their debt cancelled starting this week, and those borrowers will receive an email today from President Biden informing them of their imminent relief. Next week, the Department of Education will also be reaching out directly to borrowers who are eligible for early relief but not currently enrolled in the SAVE Plan to encourage them to enroll as soon as possible.<\/p><\/blockquote>\n

The White House has additional information here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The White House approved another round of student debt cancellations. Requirements include being enrolled in the … Joe Biden cancels student debt for almost 153,000 borrowers<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[643,613,13],"tags":[],"class_list":["post-153500","post","type-post","status-publish","format-standard","hentry","category-2024-election","category-joe-biden","category-society"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/153500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=153500"}],"version-history":[{"count":1,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/153500\/revisions"}],"predecessor-version":[{"id":153503,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/153500\/revisions\/153503"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=153500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=153500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=153500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}