Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers
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President Joe Biden takes questions from reporters, after he delivered remarks in the State Dining Room, at the White House on November 09, 2022 in Washington, DC.
Samuel Corum | Getty Images
The Biden administration said on Wednesday that it would forgive $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment plan, called The Saving on a Valuable Education, or SAVE plan.
The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.
This is breaking news. Please check back for updates.
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