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Joe Biden cancels student loans for SAVE enrollees who owe up to $12,000 and pay off for a decade

Joe Biden cancels student loans for SAVE enrollees who owe up to $12,000 and pay off for a decade

President Joe Biden It announced that it will cancel student loans for those enrolled in the SAVE program starting next month Borrowed up to $12,000 and paid it back over a decade.

“This measure will particularly help community college borrowers, low-income borrowers and those struggling to repay their loans,” Biden said in a statement.

More than 26,000 residents of Puerto Rico are enrolled in the program SaveThis has made it possible for people with student loans to reduce their monthly payments due to loans from US Department of Education.

Biden said borrowers had until July 1 to enroll in the SAVE program, which he described as part of efforts to give millions of citizens retirement, allowing them to “move forward with their lives and pursue their dreams.”

“I encourage all borrowers who are eligible for early loan cancellation to enroll in the SAVE program. studentaid.gov” said the President of the United States.

For his part, the Secretary of Education, Puerto Rican Miguel Cardona, said, “Beyond the most affordable student loan repayment program ever available, the Joe Biden and Kamala Harris administration designed the Save program to put community college students and other borrowers on a faster-than-ever path to loan forgiveness with lower balances.” “

“Today's announcement gives borrowers even more reason to check out a savings plan and find out if they might qualify for earlier debt relief,” he added.

So far nearly 7 million people have enrolled in the SAVE program. According to Biden, about $3.9 million is $0 a month.

Secretary Cardona said that for every $1,000 borrowed over $12,000, “a borrower can receive forgiveness after one year of additional payments.” The Department of Education pointed out that the periods for calculating forgiveness benefits include the months in which student loan payments are suspended.

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Through several initiatives, the Biden administration has canceled the student loans of a total of 3.6 million American citizens.

In the summer of 2023, the US Supreme Court He announced President Biden's original plan to cancel at least $10,000 in student loans as unconstitutional, which would have benefited nearly 300,000 residents of Puerto Rico.

“The money was literally going out the door, but Republican elected officials and special interests stepped in and sued us. “The Supreme Court sided with them, taking thousands of dollars in student loan relief out of the hands of millions of Americans,” Biden said last October.

Today, “In the wake of the Supreme Court's ruling on our student loan relief program, we continue to look for an alternative way to provide student loan relief to borrowers as quickly and as possible.”

“I will not stop at using every tool at our disposal to provide student loan borrowers with the relief they need to achieve their dreams,” he added.

In October 2023, President Biden also canceled student loans for public service and, among other things, an initiative that benefited 3,020 residents of Puerto Rico, who paid $141.2 million.