Thanks, Joe! More Student Loans To Be Forgiven Ahead Of Schedule

Congratulations to all the borrowers who will finally get out from under the mountain of student loan debt. Via CNN:

The White House announced Friday that some student loan borrowers enrolled in President Joe Biden’s SAVE plan may see their remaining balance wiped away starting next month.

The forgiveness, originally scheduled to go into effect in July, comes ahead of schedule and applies to borrowers with a federal student loan balance of $12,000 or less who have been making payments for at least 10 years.

“This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans,” Biden said in a statement. “And, it’s part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives and pursue their dreams.”

It's a helluva deal:

The forgiveness provision is among the most dramatic benefits of the plan as it will allow borrowers who have made payments for at least 10 years to qualify for forgiveness, while other income-driven repayment plans – which base payments on borrower’s income and family size – usually require a borrower to pay for at least 20 years before seeing any debt cancellation.

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