Biden administration cancels student loans of more than 150,000 borrowers under new plan

WASHINGTON — The Biden administration on Wednesday is canceling $1.2 billion in student debt for about 153,000 borrowers who took out relatively modest student loans and have been repaying it for the last decade or more.A borrower can qualify for the forgiveness if they’re enrolled in the administration’s Saving on a Valuable Education (SAVE) repayment plan and “have been making at least 10 years of payments, and have originally taken out $12,000 or less for college,” a White House fact sheet said. It also said that “for every $1,000 borrowed above $12,000, a borrower can receive…

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