Cybersecdn- President Joe Biden, advancing his administration’s commitment to addressing the student loan crisis in the U.S., has announced the next phase of the affordable student loan repayment plan, known as the SAVE plan.
According to a White House Press Release, starting next month, borrowers who have enrolled in SAVE, taken out less than $12,000 in loans, and have been in repayment for over 10 years, will see their remaining student debt canceled immediately.
This development follows the U.S. Supreme Court’s decision against President Biden’s broader student loan debt relief plan, siding with six conservative-leaning states that opposed the policy. As of March, U.S. student loan borrowers collectively owe $1.78 trillion in federal and private loan debt, with the average U.S. household bearing $58,238 in debt.
The Biden Administration’s latest move is a significant step toward providing relief to student loan borrowers and overcoming legal challenges. This initiative, set to commence next month, is anticipated to alleviate the financial burden for many Americans.