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student loan debt reliefUSA Today
•87% Informative
On Wednesday , the Biden administration announced an additional $7.7 billion in student loan debt relief was approved for 160,500 borrowers.
This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education .
Borrowers can receive relief after at least 10 years of payments if they originally borrowed $ 12,000 or less.
SAVE plans have additional benefits such as eliminating 100% of the remaining monthly interest for both subsidized and unsubsidized loans after you make a full scheduled payment.
SAVE also gives borrowers the option to exclude spousal income for those who are married but file taxes separately.
The SAVE Plan is available to federal student borrowers with direct student loans.
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