Student Borrower Protection Center Applauds Progress Made and Urges Administration to Continue Making Debt Cancellation a Reality for Millions
February 21, 2024 | WASHINGTON, D.C. — The Biden-Harris Administration announced this morning the first round of student debt relief coming from the President’s Saving on a Valuable Education (SAVE) Plan’s policy that provides cancellation as soon as ten years for borrowers who took out $12,000 or less in student loans. In total, the administration will discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to relief benefit SAVE.
In response, Student Borrower Protection Center Executive Director Mike Pierce released the following statement:
“Keep it coming! This announcement shows, yet again, that President Biden is using every tool in his toolbox to deliver student debt relief, working around the corrupt Supreme Court and right-wing politicians to get the job done.
“We look forward to the President continuing to deliver this life changing relief and urge the Administration to implement efforts that will allow this relief to be issued automatically and ensure that no borrower is left behind, including those in default. Our work continues to bring an end to the student loan debt crisis and today’s announcement is another step in the right direction.”
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About Student Borrower Protection Center
Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.