Washington, D.C. — The Biden administration will soon begin offering immediate debt cancellation for borrowers with smaller loan amounts and long-term repayments as part of an earlier implementation of the Saving on a Valuable Education (SAVE) plan, which will directly benefit community college students and low-income borrowers.
In response, Stephanie Hall, acting senior director for Higher Education Policy at the Center for American Progress, issued the following statement:
The reduction of monthly payments and a more accessible path to loan forgiveness under the SAVE plan takes a progressive step toward making higher education more affordable. This initiative not only eases financial hardships but also reinforces the Biden administration’s strong commitment to student debt relief and educational accessibility. We encourage eligible borrowers to take advantage of the SAVE plan, a pivotal development in addressing student debt in America.
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