- ORIGINAL NEWS
Here’s who qualifies for Biden’s early student loan forgiveness
- SUMMARY
– The Biden administration’s new student repayment plan cancels student debt for borrowers who took out $12,000 or less after a decade of repayment.
– This is a significant improvement compared to the old plans, which required 20 or 25 years of payments for loan forgiveness.
– The administration announced that it will move to cancel the debt for eligible borrowers as soon as February, which is six months ahead of schedule.
– To qualify, borrowers must be enrolled in the SAVE plan, have borrowed $12,000 or less in student loans, and have been in repayment for a decade or more.
– Borrowers who meet these criteria are encouraged to sign up for the SAVE plan as soon as possible to expedite their forgiveness.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“One of the major benefits of the Biden administration’s new student repayment plan is that it cancels the debt for certain borrowers — those who took out \$12,000 or less — after a decade in repayment.”
“The Biden administration is forgiving student debt for some borrowers earlier than expected.”
Negative
“Under the old plans, loan forgiveness didn’t come until 20 years or 25 years of payments.”