Student Loan Forgiveness: SAVE Plan Brings Early Relief in 2024

[{"selector":"#anim-427042c0-a74f-495f-8292-694a972cd8d7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.253273280100334%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cfcb6668-71e3-48da-9227-b320eac4e69d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5dee2a7d-4065-41a3-9371-c824b8e4ea08","keyframes":{"transform":["rotate(-64deg) translate3d(141.15043%, 0px, 0) rotate(64deg)","rotate(-64deg) translate3d(0px, 0px, 0) rotate(64deg)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-05844d18-606a-4edd-8a6a-bf0de7113236","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67b3acf2-49ce-4020-85f9-0beee62b4f1c","keyframes":{"transform":["translate3d(133.60324%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Student loan forgiveness under President Biden's SAVE plan is set to begin a month earlier than originally scheduled.

[{"selector":"#anim-e1d3f3c2-4070-40e3-95ba-c432f4a227e5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cdee82f9-3eb2-43a3-879d-dc74ed44813e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-497953b2-e948-4556-8621-39d77595b6d0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c742f392-5003-4e6e-a2e6-4d0c4b33fc79","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Thick Brush Stroke – Borrowers with federal student loan balances of $12,000 or less are eligible for this forgiveness initiative.

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[{"selector":"#anim-3ff58d7f-7fb9-4766-aca4-49483ceffdac","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cee573d7-ea35-4495-9b65-73fcdb718e4c","keyframes":{"transform":["translate3d(84.51178%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a4bdcc53-8cd8-4ef1-895a-8bc8e796cf01","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af6123c4-53a3-4ceb-b890-1327a5541b21","keyframes":{"transform":["translate3d(-115.70512%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The initiative aims to particularly benefit community college borrowers, low-income borrowers, and those facing challenges in repaying their loans.

[{"selector":"#anim-40c7a331-70fb-4589-b33a-bb9708cb92a5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-384f3170-0048-4231-a6ca-74d543a7f049","keyframes":{"transform":["translate3d(94.36038%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c89147aa-d79c-4214-837c-2642798028e7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f269747-72a7-4730-9076-4620ee5fbd60","keyframes":{"transform":["rotate(-180deg) translate3d(-53.62135%, 0px, 0) rotate(180deg)","rotate(-180deg) translate3d(0px, 0px, 0) rotate(180deg)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-71436df3-ef2a-4053-81e6-28ee9edb3909","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The Saving on a Valuable Education (SAVE) plan was launched last summer after the Supreme Court struck down a previous loan forgiveness program.

[{"selector":"#anim-eeb773ae-25ec-4e36-89f2-c4cef54e8bbc","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4ea98a2f-ab96-4a12-8315-d30f53eafa9a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0aca4a4e-15c0-4bc4-90de-a4146d9ba493","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22b66a93-c89f-4ee8-bd11-0009558a7bdb","keyframes":{"transform":["translate3d(0px, -244.06994%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-44a58a57-41f3-4209-bda4-c4b08e7bbb48","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-acefed6c-1e62-41d2-86ec-6595954f5dbc","keyframes":{"transform":["translate3d(0px, -303.26795%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Borrowers making payments for at least 10 years qualify for loan forgiveness under the SAVE plan

[{"selector":"#anim-ba78f119-13cd-4486-a158-4552996bd400","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67584810-db4b-4b97-94a5-e4423ea00aae","keyframes":{"transform":["translate3d(0px, 100.38556%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b5aab8f9-2643-4192-9627-d689b167e263","keyframes":{"transform":["rotate(-61deg) translate3d(-142.46576%, 0px, 0) rotate(61deg)","rotate(-61deg) translate3d(0px, 0px, 0) rotate(61deg)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2ef2f485-bb48-4338-88b1-bd9d487d3b5a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-01c5be2b-4224-4f4f-85c6-468bd239dcb7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-55b26cd1-5bbb-4204-a512-7bffcb1bf149","keyframes":{"transform":["translate3d(-142.46576%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b3ca951c-70e5-4293-b554-03fb182e9f04","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-125729bd-7c34-4706-87b4-bfdc8f15f5fb","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] The SAVE plan sets a lower qualifying threshold for $0 monthly payments, benefiting nearly 4 million borrowers.