Joe Biden promised that he was going to use "every tool" at his disposal to continue forgiving student debt, and he is not going back on his word, despite the high cost it entails for the public. The president announced that some 153,000 more students enrolled in the Saving for a Valuable Education (SAVE) plan will not have to pay back the financial aid that they were previously granted.
"Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt canceled. That’s 150,000 Americans and counting. And we’re pushing to relieve more," Biden posted on his X profile.
Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt cancelled.
That’s 150,000 Americans and counting.
And we’re pushing to relieve more.
— President Biden (@POTUS) February 21, 2024
The new group of beneficiaries received an email this Wednesday on behalf of the president explaining that they will no longer have to make payments. This latest forgiveness will cost approximately $1.2 billion.
In addition, nearly four million borrowers have already benefited from Biden's forgiveness plan since he took office in 2021, thanks to the more than 20 measures carried out by the Federal administration. So far, it has cost the country about $138 billion.
