U.S. President Joe Biden speaks about canceling student debt in the Roosevelt Room of the White House in Washington, DC, August 24, 2022.
Evan Vucci | P.A.
Here’s who benefits from this round of forgiveness
In this forgiveness cycle, more than 206,000 borrowers will collectively see $3.6 billion in debt forgiveness through the Biden administration’s new Saving on a Valuable Education, or SAVE, plan, due to the provision that allows debt cancellation after shorter periods than other income. repayment plans focused on those who initially took out small amounts for college.
More than 65,000 borrowers will have their loans canceled thanks to fixes to the Department of Education’s income-driven repayment plans, and 4,600 borrowers benefit from improvements to the government’s loan forgiveness program for public employees. Aid to these groups under this pardon round amounts to $3.5 billion and $300 million, respectively.
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