Student loan forgiveness under President Biden's SAVE plan is set to begin a month earlier than originally scheduled.
– Borrowers with federal student loan balances of $12,000 or less are eligible for this forgiveness initiative.
Qualifying borrowers must have been making payments for at least 10 years.
The initiative aims to particularly benefit community college borrowers, low-income borrowers, and those facing challenges in repaying their loans.
The Saving on a Valuable Education (SAVE) plan was launched last summer after the Supreme Court struck down a previous loan forgiveness program.
Borrowers making payments for at least 10 years qualify for loan forgiveness under the SAVE plan
The SAVE plan sets a lower qualifying threshold for $0 monthly payments, benefiting nearly 4 million borrowers.