President Joe Biden addresses reporters on the South Lawn of the White House before boarding Marine One for a trip to Los Angeles for a campaign reception on Tuesday, February 20, 2024. Credit: Credit: CQ-Roll Call, Inc via Getty Images

As promised, this week the Biden-Harris administration canceled student loan debt for borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The income-driven repayment plan was launched in August 2023, replacing the Revised Pay As You Earn (REPAYE) Plan.

Nearly 153,000 borrowers had a total of $1.2 billion student loan debt wiped out. Forgiveness applied to those who had taken out $12,000 or less in student loans and had been in repayment for at least 10 years.

This newest round brings the total amount canceled by the administration to an estimated $138 billion for 3.9 million borrowers — news that President Joe Biden and Los Angeles Mayor Karen Bass, the city’s first Black woman mayor, celebrated across her social media pages during a visit to the city yesterday. 

Biden had a post of his own on Instagram, sharing: “I announced a plan to provide millions of working families with debt relief for their college student debt, but MAGA Republicans sued us and the Supreme Court blocked it. That didn’t stop me.”

Read More

Leave a comment