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Biden Cancels More Student Loans, Months Ahead Of Schedule

The Biden administration will begin canceling student loans for some borrowers in February, the White House announced Friday, months ahead of schedule as the president accelerates signature relief plans to tackle soaring levels of student debt.

Starting next month, the Biden administration said it will start wiping loans for some borrowers who took out relatively small federal loans of less than $12,000 and have been in repayment for 10 years or more.

To qualify, borrowers must also be enrolled in President Joe Biden’s new Saving on a Valuable Education (SAVE) repayment plan, which the White House launched to help borrowers this summer after the Supreme Court tanked its debt relief program.

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