Loan cancellation was originally set to begin in July under the new SAVE repayment plan, but it's being accelerated to provide faster relief to borrowers, President Joe Biden said Friday. It's part of an effort 'to act as quickly as possible to give more borrowers breathing room' and move on from their student debt, the Democratic president said in a statement.
Borrowers will be eligible for cancellation if they are enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.
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