Press Release
☷Biden Harris Administration Releases State by State Breakdown of $1 2 Billion in SAVE Plan Forgiveness
U.S. Department of Education ( By Press Release office)
Feb 23,2024
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The Biden - Harris Administration is sharing a breakdown by state of the nearly 153 , 000 borrowers who are getting $1 . 2 billion in student loan forgiveness through President Biden’s SAVE Plan . Servicers have started processing this forgiveness . U . S . Secretary of Education Miguel Cardona said this shows the impact of Biden ' s leadership in making higher education more affordable . Borrowers in all states and territories will have their loans canceled . Borrowers have been notified by email and will see their loans forgiven in the coming weeks . The Department of Education will continue to identify and forgive more borrowers under SAVE . To be eligible , borrowers must be enrolled in SAVE , have made at least 10 years of payments , and borrowed $12 , 000 or less for college . Forgiveness is based on the original loan amount , not the current balance . Borrowers who meet the criteria should sign up for SAVE at StudentAid . gov/SAVE . See below for the state - by - state breakdown of borrowers approved for forgiveness under SAVE . So here ' s the deal: we ' ve got a whole bunch of states with different amounts of student debt . Missouri ' s got $22 . 4 million , Montana ' s got $2 . 2 million , you get the idea . And then we ' ve got the Biden - Harris Administration , doing their thing and canceling debt left and right . They ' ve already forgiven almost $138 billion for nearly 3 . 9 million hard - working Americans . That ' s a lot of relief , my friend . They ' re also making some changes to help even more borrowers . They ' ve increased Pell Grants and made rules to protect people from getting stuck with crazy high debts . And they ' re not done yet . They ' re still working on more ways to forgive loans and make things easier for folks dealing with hardship . Oh , and did I mention that 7 . 5 million borrowers are now enrolled in the SAVE Plan? Yeah , 4 . 3 million of them don ' t have to make any payments at all . Pretty cool , huh?The SAVE Plan is a repayment option that ' s really affordable for people with low to middle incomes . It helps a lot of borrowers get their loans forgiven sooner . With the SAVE Plan , borrowers don ' t have to worry about crazy interest rates or ending up with a bigger balance than what they originally borrowed . The application process has been improved too , so borrowers can share their income info with the IRS and avoid having to recertify every year . Starting in July 2024 , the Department will make the SAVE Plan even better by reducing monthly payments from 10% to just 5% of a borrower ' s discretionary income . If you ' re interested in forgiveness programs , check out StudentAid . gov/forgiveness . And to find the right repayment plan for your financial situation , go to StudentAid . gov/restart . You can find more about the SAVE Plan at StudentAid . gov/save .
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