Early Student Loan Forgiveness Applies to More Borrowers Than Originally Expected
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Early student loan forgiveness through the Biden administration’s new income-driven repayment plan is on its way for borrowers with higher original student loan balances, too.
President Joe Biden announced Friday that his administration is implementing the forgiveness portion of Saving on a Valuable Education program, aka SAVE, nearly six months ahead of schedule. Debt cancellation now will start in February. This benefit was originally scheduled to take effect in July.
Due to mixed messaging of the roll out and complex qualifications, it was widely reported that only loan amounts of $12,000 or less would be eligible for early forgiveness, but the White House and the Department of Education confirmed to Money that higher balances are eligible for forgiveness as well.
