Education Department accelerates student loan debt cancellation plan
By Breccan F. Thies, Washington Examiner SOURCE: Gazette
The Biden administration announced Friday morning that it is expanding and accelerating its income-driven student loan forgiveness plan.
Borrowers who originally took out loans of $12,000 or less and have made at least 10 years of payments will be eligible for debt cancellation as early as next month under the Saving on a Valuable Education Plan.
“Beyond being the most affordable student loan repayment plan ever available, the Biden-Harris Administration designed the SAVE Plan to put community college students and other low-balance borrowers on a faster track to debt forgiveness than ever before,” Education Secretary Miguel Cardona said in a press release. “With lower monthly payments, protection from runaway ...