A specific but substantial group of student loan borrowers could have their full balance forgiven by the beginning of February, the White House announced on Jan. 12.
But who is eligible?
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An eligible borrower must first be enrolled in President Joe Biden's Save on a Valuable Education Plan (SAVE), which the White House said has already seen nearly 7 million sign-ups.
Borrowers can sign up for the SAVE plan here.
The next qualification is that the borrower must have been a relatively low remaining balance — which in this case is $12,000 or less.
Finally, the borrower must have already been making student loan payments for at least 10 years.
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“This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans,” Biden said in a statement. “And, it’s part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives and pursue their dreams.”
The timing of the SAVE plan was actually pushed forward several months as the forgiveness was originally slated for July 2024. The plan itself was put in place in the summer after Biden's original plan to offer up to $20,000 of student loan debt to a wider group of borrowers was struck down by the Supreme Court in June.
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