President Joe Biden is slated to announce Wednesday during his fundraising trip to Los Angeles that his administration will cancel another $1.2 billion in student loan debt — this time for about 153,000 borrowers. All of them have been approved for the shortened repayment period benefit under the Saving on a Valuable Education (SAVE) Plan.
President Joe Biden announced Friday that some federal student loan borrowers will have their loans cancelled under the Department of Education’s new repayment plan.
The new student loan forgiveness plan known as “SAVE” could lower monthly bills and reduce the amount some borrowers have to pay back over the lifetime of their loans.
After several years of litigation co-led by Pennsylvania’s Attorney General Josh Shapiro, officials announced a settlement targeting Navient, formerly known as Sallie Mae.