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President Biden: student loan borrowers enrolled in SAVE “who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt cancelled immediately" (www.whitehouse.gov)

submitted 10 months ago by [email protected] to c/[email protected]

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"Borrowers who may be eligible for early debt cancellation to sign up for the SAVE plan at studentaid.gov," a statement by the White House says.

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[–] [email protected] 3 points 10 months ago

This was my thought as well, but it's also important that the rule is more generous then the title let's on.

With each additional $1,000 of debt, the window for forgiveness increases by one year. For example, a student who took out $13,000 in loans will now have their debts erased if they've been in repayment for 11 years — or in 12 years for those who borrowed $14,000 and so on.

So... you can't be in repayment for eternity, which is a great change. Now we just need to shorten that time frame to 0.

As the other commenter pointed out, there's a specific political party hamstringing these efforts that need to be voted out.