We wanted to take a moment to email you today about the recent student loan cancellation development from the Biden Administration.
Last week, President Biden announced loan forgiveness for an additional 153,000 borrowers — this time for those enrolled in the Saving on a Valuable Education (SAVE) Plan for student loan repayment, who have made at least 10 years of payments. This represents a total of $1.2 billion in student debt relief.
All of the borrowers who were eligible should have received an email letting them know they qualified for this cancellation.
The fight for student loan cancellation is alive and we are making progress. The organizing and pressure from everyday people like you has changed the lives of 4 million people — and we will continue to push for more. It’s working.
Back in September, Alexandria launched a six-part video guide on student loans to help answer some common questions, and help people navigate the overload of information.
Check out AOC's student loan guide →One part of the series was dedicated to the SAVE program, where Alexandria encouraged borrowers to enroll for the opportunity to lower or eliminate loan payments. Under this new program from the Biden Administration, income-driven repayment decreased from 10% of discretionary income, down to 5% (meaning many people could see their payments cut in half).
Another major change under the SAVE program is that your loan balance will NOT grow over time. Because of high interest rates, a lot of borrowers would see their balance grow despite making payments, or they would not be able to make a dent in their principal. Now, under the SAVE program, the Department of Education will not charge interest that isn’t covered by your monthly payment.
For more info about the SAVE program and how you can enroll, check out Alexandria’s video here.
There’s a lot of confusing information and mistaken claims floating around about student loans and we want to make sure that people have access to the facts.
Together we will keep sharing information and keep pushing until all student debt is canceled.
Thank you for staying in this fight.
Team AOC
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