The Biden administration announced this week that it will forgive more than a billion dollars in student loan debt. Secretary of Education Miguel Cardona made the announcement in a press conference.
“Now I’m excited to announce that we’ll start automatically forgiving $1.2 billion for over 150,000 borrowers who are eligible. That brings the total student debt relief approved by this administration to nearly $138 billion for nearly 3.9 million borrowers,” Cardona said.
The program is called the SAVE program.
“We’re providing real, immediate breathing room from an unacceptable reality where student loan payments compete with basic needs like putting food on the table and accessing health care,” Cardona went on to say.
Borrowers can sign up for the program at studentaid.gov/save.
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