Biden to forgive $1.2 billion in student debt for 150,000 borrowers

Business

President Joe Biden takes questions from reporters, after he delivered remarks in the State Dining Room, at the White House on November 09, 2022 in Washington, DC. 

Samuel Corum | Getty Images

The Biden administration said on Wednesday that it would forgive $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment plan, called The Saving on a Valuable Education, or SAVE plan.

The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.

This is breaking news. Please check back for updates.

Read original article here.

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