President Joe Biden on Wednesday announced that $1.2 billion dollars in student debt will be canceled for borrowers enrolled in a new repayment plan.
The almost 153,000 borrowers receiving relief are the first to benefit from the Saving on a Valuable Education, or SAVE, plan policy that provides debt forgiveness to those who have been in repayment after as little as 10 years and took out $12,000 or less in student loans.
BRENDAN SMIALOWSKI/AFP via Getty Images
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.