More student debt is getting taken off the books courtesy of the Biden administration.
President Joe Biden announced Friday that borrowers whose federal student loans totaled less than $12,000 “will get their remaining student debt cancelled immediately” next month, as long as they’ve been paying off their balances for at least 10 years.
The debt relief applies to borrowers enrolled in SAVE, a new income-driven repayment plan.
“This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans,” Biden said in a statement.
The President also said that this development is happening “nearly six months ahead of schedule.”
Biden added that the purpose of the loan forgiveness is “to act as quickly as possible to give more borrowers breathing room.”
The plan was first announced last year.