New Student Loan Forgiveness Programs Announced
Biden-Harris Administration Approves $58 Billion in Debt Relief
Additional Forgiveness in July 2025 and 2024
On August 24th, the White House unveiled a plan to forgive up to $20,000 in federal student loans for eligible borrowers. This announcement was accompanied by the Biden-Harris Administration's approval of an additional $58 billion in student loan debt relief, benefiting approximately 77,700 borrowers.
In a surprising move, the Biden administration indicated that further changes may be forthcoming from the ongoing Negotiated Rulemaking process. Any new policies resulting from this process will take effect on July 1, 2025, provided they are finalized by that date.
Additionally, the Department of Education will implement the full benefits of the SAVE Plan in July 2024, which will result in reduced monthly payments for borrowers who qualify.
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