Close Menu
  • Home
  • News
    • Local
  • Opinion
  • Business
  • Health
  • Education
  • Sports
  • Podcast

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

The Walls Remember: Murals and the Unyielding Story of Black America

OP-ED: We Need to Talk About Domestic Violence

OP-ED: The Power and Necessity of Future-Proofing Career Paths

Facebook X (Twitter) Instagram
  • Lifestyle
  • Podcast
  • Contact Us
Facebook X (Twitter) Instagram Pinterest Vimeo
The Windy City Word
  • Home
  • News
    1. Local
    2. View All

    Youth curfew vote stalled in Chicago City Council’s public safety committee

    Organizers, CBA Coalition pushback on proposed luxury hotel near Obama Presidential Center

    New petition calls for state oversight and new leadership at Roseland Community Hospital

    UFC Gym to replace shuttered Esporta in Morgan Park

    The Four Minute Offense: Jalen Hurts Triumphantly Bounces Back

    HBCU Football Wrap-Up: Tenn. State, FAMU, and Morehouse win on Homecoming Weekend

    Titans and QB Cam Ward are dedicated to two ideals: Growth and Development

    THE HUTCHINSON REPORT: Hit-and-Run Epidemic Continues to Plague South L.A

  • Opinion

    Capitalize on Slower Car Dealership Sales in 2025

    The High Cost Of Wealth Worship

    What Every Black Child Needs in the World

    Changing the Game: Westside Mom Shares Bally’s Job Experience with Son

    The Subtle Signs of Emotional Abuse: 10 Common Patterns

  • Business

    Illinois Department of Innovation & Technology supplier diversity office to host procurement webinar for vendors

    Crusader Publisher host Ukrainian Tech Businessmen eyeing Gary investment

    Sims applauds $220,000 in local Back to Business grants

    New Hire360 partnership to support diversity in local trades

    Taking your small business to the next level

  • Health

    THE HUTCHINSON REPORT: Hit-and-Run Epidemic Continues to Plague South L.A

    Recognizing World Mental Health Day: How families play a crucial role in suicide prevention

    Denied Care, Divided Nation: How America Fails Its Sickest Patients—and the People Fighting Back

    Unbreakable: Black Women and Mental Health

    A Question of a Government Shutdown?

  • Education

    How Babies’ Brains Develop

    Head Start Gave the Author an Early Inspiration to Share Her Story

    Alabama’s CHOOSE Act: A Promise and a Responsibility

    After Plunge, Black Students Enroll in Harvard

    What Is Montessori Education?

  • Sports

    The Four Minute Offense: Jalen Hurts Triumphantly Bounces Back

    HBCU Football Wrap-Up: Tenn. State, FAMU, and Morehouse win on Homecoming Weekend

    Titans and QB Cam Ward are dedicated to two ideals: Growth and Development

    HBCU Football Week 5 Roundup: Jackson State keeps the Good Times Rolling

    Jackson State Dominates Southern on the Road, Wins Boombox Classic

  • Podcast
The Windy City Word
Education

Biden Administration Announces $1.2 Billion in Student Debt Forgiveness for 153,000 Borrowers

staffBy staffUpdated:No Comments3 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email

By Stacy M. Brown
NNPA Newswire Senior National Correspondent
@StacyBrownMedia

In a significant move to alleviate the burden of student debt, the Biden administration revealed on Wednesday its decision to automatically forgive $1.2 billion in student loans for 153,000 borrowers. Those eligible for debt relief are individuals enrolled in the Saving on a Valuable Education (SAVE) repayment plan who have diligently made payments for at least ten years. The Department of Education said it would email those who will receive the debt cancellation today, another step in the administration’s ongoing efforts to address the nation’s staggering $1.77 trillion student debt crisis. The announcement comes after the Supreme Court invalidated the administration’s previous plan for widespread student loan forgiveness, which aimed to assist over 40 million borrowers in wiping away up to $20,000 in debt.

U.S. Secretary of Education Miguel Cardona emphasized the administration’s commitment to providing relief, stating, “If you’ve been paying for a decade, you’ve done your part, and you deserve relief.” This latest move brings total approved loan relief to nearly 3.9 million borrowers, with a cumulative debt cancellation of almost $138 billion through various executive actions. The 153,000 qualifying borrowers represent the first group to benefit from the SAVE plan policy, which allows debt forgiveness after ten years of repayment for those who borrowed $12,000 or less in student loans.

Originally scheduled for July, the Biden-Harris Administration implemented this provision of the SAVE plan nearly six months ahead of schedule, which the White House said amplified its commitment to delivering swift relief to those who have faithfully repaid their loans. Under the SAVE plan, borrowers enrolled in the program who have been in repayment for at least a decade and took out $12,000 or less in loans will receive immediate debt relief. The Department of Education identified and notified the nearly 153,000 borrowers enrolled in the SAVE plan who qualify for debt cancellation. Additional outreach will be conducted to encourage eligible borrowers not currently enrolled in SAVE to join the program.

The accelerated timeline for forgiveness is expected to particularly benefit community colleges and other borrowers with smaller loans, propelling them toward freedom from student debt faster than ever before. According to the Biden-Harris Administration, 85 percent of future community college borrowers under the SAVE plan will be debt-free within a decade. Biden introduced the SAVE plan last year, which offers the most affordable repayment option ever by basing monthly payments on income and family size rather than loan balance. Additionally, the plan ensures that borrowers making monthly payments do not accumulate interest, and starting in July, undergraduate loan payments will be halved.

The White House Council of Economic Advisers released an issue brief today, highlighting the potential savings for low- and middle-income borrowers enrolled in SAVE due to interest and principal forgiveness. The Biden-Harris Administration’s track record of canceling student debt now includes nearly 3.9 million Americans receiving almost $138 billion in debt relief through various actions. “The President remains dedicated to delivering debt relief to as many borrowers as possible, continuing to fight for comprehensive solutions to address student loan debt challenges,” officials stated in a Fact Sheet. “The administration has also taken historic steps to improve the student loan program, including significant increases in Pell Grants and reforms to the Public Service Loan Forgiveness program.” Borrowers interested in enrolling in SAVE can visit studentaid.gov/save for more information.

The post Biden Administration Announces $1.2 Billion in Student Debt Forgiveness for 153,000 Borrowers first appeared on BlackPressUSA.

Share. Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Telegram Email
Previous ArticleBlack-owned grocery store in west suburbs opens doors to Black entrepreneurs
Next Article Study Reveals Officer-Involved Killings of Unarmed Black Individuals Linked to Adverse Sleep Outcomes in Black Community
staff

Related Posts

The Walls Remember: Murals and the Unyielding Story of Black America

OP-ED: We Need to Talk About Domestic Violence

OP-ED: The Power and Necessity of Future-Proofing Career Paths

Leave A Reply Cancel Reply

Video of the Week
https://www.youtube.com/watch?v=AxFXtgzTu4U
Advertisement
Video of the Week
https://www.youtube.com/watch?v=OjfvYnUXHuI
ABOUT US

 

The Windy City Word is a weekly newspaper that projects a positive image of the community it serves. It reflects life on the Greater West Side as seen by the people who live and work here.

OUR PICKS

NY Auto Show: EV Charging – THINK Before You Buy!

Through the roof 2025 Toyota Camry Hybrid 360 video

Not Your Parents Buick 2024 Envista Sport Touring Walkaround | POV Drive

MOST POPULAR

THE HUTCHINSON REPORT: Hit-and-Run Epidemic Continues to Plague South L.A

Recognizing World Mental Health Day: How families play a crucial role in suicide prevention

Denied Care, Divided Nation: How America Fails Its Sickest Patients—and the People Fighting Back

© 2025 The Windy City Word. Site Designed by No Regret Medai.
  • Home
  • Lifestyle
  • Podcast
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.