--- title: More Student Debt Cancellation Announced description: Student debt affects 43 million Americans with $1.7 trillion in debt, hindering their ability to save for a home or reach financial goals. image: https://blog.nisbenefits.com/hubfs/blog-headers/student-loan-cancel-b.jpg --- ![More Student Debt Cancellation Announced](https://blog.nisbenefits.com/hubfs/blog-headers/student-loan-cancel-b.jpg) # More Student Debt Cancellation Announced - Home - [Employee Benefit News for School, City and County Employers](https://blog.nisbenefits.com) - More Student Debt Cancellation Announced [ Erin Woulfe ](https://blog.nisbenefits.com/author/erin-woulfe) 04/23/2024 [ Legislative News](https://blog.nisbenefits.com/topic/aca-other-legislative-news) [0 Comments ](https://blog.nisbenefits.com/more-student-debt-cancellation-announced#postComment) 1 Minutes *1 minute read* On April 12, 2024, President Joe Biden announced that an additional 277,000 Americans would see their student debt of a combined $7.4 billion canceled. The Biden-Harris administration has now provided debt relief to 4.3 million Americans, equating to approximately 10% of all individuals burdened with student loan debt, totaling about $153 billion. The recent wave of debt forgiveness has made a significant impact on numerous Americans, particularly those enrolled in the Saving on a Valuable Education (SAVE) repayment plan. This income-driven program adjusts monthly payments based on the borrower's income, alleviating financial burdens. Furthermore, this debt relief extends to participants in other income-driven repayment schemes, including the Public Service Loan Forgiveness (PSLF) plans. Eligible borrowers should have already been notified about the discharge of their loans through email communication.   ## **What’s Next?** Borrowers impacted by this debt forgiveness can contact their loan servicer to confirm eligibility for relief. Visit the U.S. Department of Education's [website](https://fsapartners.ed.gov/subscriptions/) to sign up for updates on student debt relief. Download the [bulletin](https://blog.nisbenefits.com/hubfs/Blog%20-%20supporting%20documents/bulletin-more-student-debt-cancelled.pdf) for more details. 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