Author: WHOPSO Staff     Published: 2/21/2024    White House Office of Political Strategy and Outreach

Today, President Biden is announcing $1.2 billion in student debt cancellation for almost 153,000 borrowers enrolled in the SAVE plan. Under the SAVE Plan, borrowers who have been in repayment for 10 years and took out $12,000 or less in student loans will have their remaining balance cancelled.

Originally planned for July, the Biden-Harris Administration is implementing this provision of SAVE nearly six months ahead of schedule. This announcement serves as yet another example of the President following through on his commitment to deliver as much relief as possible, to as many borrowers as possible, as quickly as possible. In total, the Biden-Harris Administration has now cancelled nearly $138 billion in student debt for almost 3.9 million borrowers through more than two dozen executive actions.

The Office of Political Strategy and Outreach