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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.
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 to sign up for updates on student debt relief. Download the bulletin for more details.