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Biden Administration Cancels More Student Loans

The Biden Administration has taken another step towards canceling student loan debt for American college students.

According to Axios, the White House announced on Friday that borrowers who took out less than $12,000 worth of student loans and have gone through repayment for 10 years will see the rest of their debt canceled, as part of enrollment in the Saving on a Valuable Education (SAVE) plan.

The rollout of the SAVE provisions is about six months early, and will focus primarily on students who attended community college, as well as low-income borrowers. The Department of Education has not yet estimated how many students will see their debts canceled as a result of this action, nor as to how much the total amount of canceled debt will amount.

The move comes after the Supreme Court previously blocked the Biden Administration from mass cancelation of all student loan debt in 2023. The White House has since implemented various workarounds to cancel some student debt for about 3.6 million students, amounting to $132 billion in total canceled debt.

Biden said in a statement that the latest move is 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.”

There are already 6.9 million enrollees in the SAVE plan, with 3.9 million having a $0 monthly payment. Biden encouraged more borrowers to sign up for the SAVE plan if they are eligible.

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About Eric Lendrum

Eric Lendrum graduated from the University of California, Santa Barbara, where he was the Secretary of the College Republicans and the founding chairman of the school’s Young Americans for Freedom chapter. He has interned for Young America’s Foundation, the Heritage Foundation, and the White House, and has worked for numerous campaigns including the 2018 re-election of Congressman Devin Nunes (CA-22). He is currently a co-host of The Right Take podcast.

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