Some 153,000 people got an email from President Biden on Wednesday, and regardless of their politics, it's likely one they were thrilled to get. The Department of Education says the email informs those borrowers that their student loan debt will be forgiven—some $1.2 billion in total. What you need to know:
- Who: The borrowers impacted had all enrolled in the Saving on a Valuable Education (SAVE) repayment plan, borrowed $12,000 or less, and have made payments for at least a decade. As Secretary of Education Miguel Cardona put it, "If you've been paying for a decade, you've done your part, and you deserve relief."
- The process: It's pretty simple. Those who fall under this round of forgiveness don't have to do anything. Their loan forgiveness will automatically be processed within days.
- The SAVE plan: It's an income-based repayment plan, where monthly payments are calibrated to the borrower's income and family size. Anyone enrolled in the SAVE plan—and there are 7.5 million of them—will see their loans forgiven after 20 or 25 years. This shorter period applies to those with smaller balances. CBS News notes that more than half of those people in the plan currently pay $0 a month.
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