Biden says too many Americans are saddled with school debt as he cancels federal loans for 153,000
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President Joe Biden announced the cancellation of federal student loans for nearly 153,000 borrowers as part of a new repayment plan. The loan relief is aimed at addressing the issue of unsustainable debt in exchange for a college degree. The administration began sending email notifications to the borrowers who will benefit from the program, which is called the SAVE plan. The first round of forgiveness from the SAVE plan will clear $1.2 billion in loans. Biden remains committed to fixing the student loan system despite the Supreme Court striking down his plan for widespread forgiveness. Borrowers are eligible for cancellation if they are enrolled in the SAVE plan, originally borrowed $12,000 or less, and have made at least 10 years of payments.

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https://www.newindianexpress.com/world/2024/Feb/22/biden-says-too-many-americans-are-saddled-with-school-debt-as-he-cancels-federal-loans-for-153000