Biden-Harris administration releases state-by-state breakdown of $1.2 billion in SAVE Plan forgiveness
The Biden-Harris Administration is publishing a state-by-state breakdown of the nearly 153,000 borrowers who are receiving $1.2 billion in forgiveness under President Biden’s Saving on a Valuable Education (SAVE) Plan. Servicers started processing this forgiveness Friday.
“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. This is that commitment in action. This is the real deal.”
Borrowers in every single state across the country and territories will have their loans canceled under this action. President Biden has emailed borrowers in all 50 states plus territories on Wednesday notifying them that they were approved for forgiveness and would not need to take any further action to receive relief. Servicers have begun processing the forgiveness and borrowers will see their loans forgiven on their accounts in the coming weeks. Moving forward, the U.S. Department of Education will continue to identify and discharge other borrowers enrolled in SAVE who are eligible for this forgiveness on a regular basis.
For a borrower to be eligible for this forgiveness they must be enrolled in the SAVE Plan, have been making at least 10 years of payments, and have originally taken out $12,000 or less for college. For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed as a student to attend school, not what a borrower currently owes or the amount of an individual loan.
Borrowers who believe they meet these criteria are strongly encouraged to immediately sign up for SAVE at StudentAid.gov/SAVE.
The state-by-state breakdown of borrowers approved for forgiveness under SAVE can be found in the table below.
Borrowers can learn more about forgiveness programs at StudentAid.gov/forgiveness. Borrowers can learn more about the right repayment plan for their financial situation at StudentAid.gov/restart. More information about the SAVE plan is available at StudentAid.gov/save.
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