The Biden administration will start canceling student loans for some borrowers in February as part of a new repayment plan that’s taking effect nearly six months ahead of schedule.
Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it’s being accelerated to provide faster relief to borrowers, President Joe Biden said Friday. It’s part of an effort “to act as quickly as possible to give more borrowers breathing room” and move on from their student debt, the Democratic president said in a statement.
