Another 5,600 Pennsylvania residents saw $45.1 million in student loan debt canceled by the Biden administration last week. Borrowers were enrolled in the Saving on a Valuable Education (SAVE) program and made 10 years of repayments.
President Joe Biden’s administration announced last week that they forgave $1.2 billion in student loan debt for 153,000 borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment program.
In Pennsylvania, roughly 5,600 borrowers enrolled in the program saw $45.1 million in student loan debt canceled in the latest round of loan forgiveness.
“When we talk about fixing a broken student loan system, this is what we’re talking about,” said U.S. Secretary of Education Miguel Cardona.
“The state-by-state SAVE Plan debt forgiveness numbers we’re announcing today not only show that President Biden’s leadership is making a real impact on people’s lives in every state — they demonstrate that we won’t ever stop fighting to make higher education more affordable and accessible for more Americans.”
In order to be eligible for the latest round of forgiveness, a borrower must be enrolled in the SAVE program, have made at least 10 years of payments and borrowed less than $12,000 for college, according to the DOE.
The latest action taken by the Biden administration brings the total amount of canceled student loans to $138 billion for 3.9 million borrowers.
Those who had their loans forgiven received an email from the president stating that their loans were canceled and the DOE will be reaching out to more borrowers who are eligible for early relief later this week.
