As Biden Allows New Relief, Major Updates on Student Loan Forgiveness

The Education Department will begin executing faster student loan forgiveness for borrowers with low beginning sums who were enrolled in the new SAVE plan, according to announcements made by Biden officials in January.

With the help of the income-driven repayment plan known as SAVE, borrowers can make manageable installments that are eventually erased after twenty or twenty-five years of repayment.

However, for borrowers with low initial sums, that period may be shortened to as few as ten years. This “early” loan forgiveness plan was meant to start later this summer, but far earlier than predicted, Biden stated that it would start in February.