Biden-Harris Administration unveils State-by-State breakdown of $1.2 Billion in SAVE Plan Forgiveness

The Biden-Harris Administration has released a detailed breakdown of nearly 153,000 borrowers across every state and territory who are set to receive $1.2 billion in loan forgiveness under President Biden’s SAVE Plan. Servicers have commenced processing this forgiveness initiative.

U.S. Secretary of Education Miguel Cardona highlighted the significance of this effort, stating, “The state-by-state SAVE Plan debt forgiveness numbers demonstrate President Biden’s commitment to enhancing higher education accessibility and affordability nationwide.” Borrowers in all state jurisdictions have been notified of their eligibility for forgiveness without needing to take further action.

Eligible borrowers under the SAVE Plan must have made a minimum of 10 years of payments and initially borrowed $12,000 or less for college. Forgiveness is extended incrementally based on the borrowed amount, with all borrowers being eligible for forgiveness after 20 or 25 years, depending on their graduate school loans.

To avail of this forgiveness opportunity, eligible borrowers are encouraged to sign up for SAVE at StudentAid.gov/SAVE promptly.

The state-by-state breakdown of approved borrowers for forgiveness under SAVE is presented below:

… (remaining state-specific data is unaltered) …

Borrowers Identified for Early SAVE Forgiveness by Location

State

Borrower Count

Amount Forgiven (in millions)

Alabama

2,550

$20.8

Total 152,880 $1,218.1

Data as of Mid-February 2024

The sum of individual values may not equal the total due to rounding.

The Biden-Harris Administration’s unwavering commitment to student debt relief has resulted in nearly 3.9 million borrowers being granted approximately $138 billion in forgiveness. This includes enhancements to various loan programs and protections for borrowers against unmanageable debts.

The Administration has allocated substantial funds towards initiatives like Public Service Loan Forgiveness and income-driven repayment improvements. Additional efforts are underway to make regulations more borrower-friendly and expand eligibility for loan forgiveness.

More than 7.5 million borrowers are currently enrolled in the SAVE Plan, with many benefitting from reduced payments leading to earlier forgiveness. The forthcoming implementation of the full benefits of the SAVE Plan in July 2024 aims to further alleviate borrowers’ financial burdens.

For information on forgiveness programs and the right repayment plan, borrowers are advised to visit StudentAid.gov/forgiveness and StudentAid.gov/restart, respectively. Details about the SAVE plan are also available at StudentAid.gov/save.

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