WASHINGTON (NEXSTAR) – The Biden administration said it is forgiving a total of $1.2 billion in student loans for nearly 153,000 borrowers on Wednesday.
According to the White House, those receiving relief are the first to benefit from the Saving on Valuable Education (SAVE) plan. It provides forgiveness for borrowers who have been paying off their loans for at least 10 years and took out $12,000 or less.
The relief comes ahead of schedule. It was originally planned to roll out in July, but the Department of Education said it was able to identify borrowers more quickly.
The Biden administration said those who enrolled and qualify could see their debt cancelled as soon as this week. Those borrowers will receive an email Wednesday notifying them of the relief.
Next week, the Department of Education said it will be reaching out to people who are eligible for early relief but are not currently enrolled in the SAVE plan.
President Joe Biden has made it a focus of his administration to cancel loans for millions of Americans following the Supreme Court’s decision to strike down his student loan forgiveness plan last June.
