Biden administration to forgive $1.2 billion in student debt.
The Biden administration will forgive student loans for 153,000 borrowers under its new repayment program.
This student loan forgiveness program is called the Savings on a Valuable Education, or SAVE, plan.
Those who have been making repayments for a decade or more and have withdrawn $12,000 or less will benefit.
Under the SAVE scheme, people who have borrowed less can get their debt canceled after just one decade.
The Biden administration said it will soon begin forgiving loans for eligible borrowers.
“With today’s announcement, you deserve relief,” said U.S. Education Secretary Miguel Cardona.
Eligible borrowers will begin receiving emails from President Joe Biden on Wednesday.
U.S. Department of Education said, Do not need to take any further action to receive the relief.
Biden-Harris Administration Announces Nearly $5 Billion in Additional student loan forgiveness debt relief for 80,300 borrowers.