Biden Accelerates Student Loan Cancellation Under New SAVE Plan

Eligible borrowers who originally borrowed $12,000 or less and have made at least 10 years of payments will see their loans canceled as early as February.

President Biden's administration will begin canceling student loans for some borrowers in February, nearly six months ahead of schedule under the new SAVE repayment plan.
Borrowers will be eligible for cancellation if they are enrolled in the SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.
The new repayment plan offers more generous terms than previous plans, offering cancellation after as little as 10 years of payments and lowering monthly payments for millions of borrowers.
Those who took out more than $12,000 will be eligible for cancellation but on a longer timeline, with each $1,000 borrowed beyond $12,000 adding an additional year of payments on top of 10 years.
The Biden administration is separately pursuing another plan for widespread cancellation, following the Supreme Court's rejection of Biden's first plan.