---
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.
---

[Employee Benefit News for School, City and County Employers ](https://blog.nisbenefits.com)

# [More Student Debt Cancellation Announced](https://blog.nisbenefits.com/more-student-debt-cancellation-announced)

 Written by [Erin Woulfe](https://blog.nisbenefits.com/author/erin-woulfe) | Apr 23, 2024 11:30:00 AM

*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.

 

 

[View full post](https://blog.nisbenefits.com/more-student-debt-cancellation-announced)

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