Joe Biden canceled student debt for SAVE enrollees who have up to $12,000 in loans and have made payments over a decade.

President Joe Biden Announced student debt cancellation for those enrolled in the SAVE program, effective next month Who took out loans of up to $12,000 and paid them off for a decade.

“This action will particularly help community college borrowers, low-income borrowers and those struggling to repay their loans,” Biden said in a statement.

More than 26,000 residents of Puerto Rico are enrolled in the plan saveThat made it possible for people with student debt due to loans to lower their monthly payments United States Department of Education.

Biden maintained that debtors have until July 1 to register for the SAVE program, which he described as part of an effort to provide relief to millions of citizens, allowing them to “move on with their lives and pursue their dreams.”

“I encourage all borrowers who may be eligible for early debt cancellation to enroll in the SAVE plan. studentaid.gov” said the American president.

For his part, the Secretary of Education, Puerto Rican Miguel Cardona, said that “in addition to being the most affordable student loan repayment plan ever available, the administrations of Joe Biden and Kamala Harris created the SAVE plan to put community college students and other borrowers out of debt. With less balance on a faster-than-ever path to remission.”

“Today’s announcement gives borrowers even more reason to check out SAVE Plans and find out if they qualify for early debt relief,” he added.

So far around 7 million people are enrolled in the SAVE plan. According to Biden, the monthly payment of about 3.9 million is $0.

Secretary Cardona reported that for every $1,000 borrowed over $12,000, “a borrower can receive forgiveness after one additional year of payments.” The Department of Education has suggested that the period that counts for forgiveness benefits include the months during a break in student loan payments.

Through several initiatives, the Biden administration has canceled the student debt of a total of 3.6 million American citizens.

In the summer of 2023, the United States Supreme Court Declaring unconstitutional President Biden’s original plan to cancel at least $10,000 in student debt, the proposal would benefit nearly 300,000 residents of Puerto Rico.

“The money was literally supposed to walk out the door, but Republican elected officials and special interests stepped in and sued us. “The Supreme Court sided with them, taking tens of thousands of dollars in student debt relief out of the hands of millions of Americans who were about to change their lives,” Biden said last October.

Today, he maintained that “following the Supreme Court’s decision on our student debt relief plan, we continue to explore alternative ways to provide student debt relief to as many borrowers as possible and as quickly as possible.”

“I will not stop using every tool at our disposal to give student loan borrowers the relief they need to achieve their dreams,” he added.

In October 2023, President Biden also canceled student debt for public service, among other things, an initiative that benefited 3,020 residents of Puerto Rico, who were eliminated in payments of $141.2 million.