President Joe Biden on Friday announced the latest round of student debt cancellations in a statement issued by The White House.
President Joe Biden on Friday announced the latest round of student debt cancellations in a statement issued by The White House.
Since the Supreme Court’s ruling on June 30 in Biden v. Nebraska that the administration’s plan to cancel up to $10,000 in student debt for all borrowers was unlawful, the administration has sought to pursue other debt cancellation measures, most notably through the Saving on a Valuable Education (SAVE) plan, which was finalized by the Department of Education (DOE) on the day of the court’s ruling. Biden said that borrowers enrolled in the SAVE plan who borrowed less than $12,000 in debt, and who have been in repayment for at least ten years, will have their balances canceled by February.
“This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans,” Biden wrote. “[I]n the wake of the Supreme Court’s decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible.
