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Unveils Biden’s Student SAVE Debt Plan: $1.2 Billion in Student Loan Forgiveness
Biden’s Student Debt Plan: Who Stands to Benefit from the New Relief Measures (PHOTO: Inside Higher ED)
Education Secretary Cardona: Relief for Long-Term Loan Repayers
According to Marca, President Joe Biden recently announced the Saving on a Valuable Education (SAVE) plan to help people with student loans. Biden’s student debt plan will forgive $1.2 billion in debt for about 153,000 borrowers. It’s for those who have been making payments on loans of $12,000 or less for over ten years. Education Secretary Miguel Cardona says the government wants to help people who have been paying for a long time because they deserve relief.
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The SAVE plan is part of Biden‘s efforts to aid those with student loan debt after the Supreme Court blocked an earlier forgiveness plan. Biden’s student debt plan aims to forgive loans faster, particularly for those with smaller amounts. Eligible individuals will receive email notifications to streamline the process. Additionally, the Department of Education plans to reduce the cap on monthly payments for undergraduate students from 10% to 5% of income above the federal poverty line. Despite challenges, the government remains committed to easing the burden of student loan repayment and hopes these measures will significantly help individuals and families nationwide.
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