Some 150,000 borrowers are set to get their student debt forgiven. They include many that are enrolled in the SAVE program.
(WASHINGTON D.C.) -The current administration has approved another $1.2 billion in student debt discharges for more than 150,000 borrowers.
The Education Department says the latest loan forgiveness will target a specific group of borrowers who are enrolled in the Education Department’s repayment plan, known as the Saving On A Valuable Education program, or SAVE. It adjusts monthly bills that are based on people's incomes.
The announcement comes just before a group of federal negotiators are set to discuss broader plans for even more student debt relief.
Initially, the relief wasn’t set to be approved until later this summer.
It’s not the first time in recent months the president has made direct appeals to some of the millions of borrowers whose student debt the administration is responsible for canceling. Biden sent a similar message to nearly a million borrowers last fall.
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