The Biden Administration is rolling out another pathway to debt relief for certain student loan borrowers next month.
The program targets people who took out smaller loan balances initially and have been paying their loans down for over a decade, unable to get out from under the debt. It’s a component of the SAVE Plan, a new income-driven repayment plan rolled out by the Biden administration last year.
Specifically, people will qualify if they took out less than $12,000 as their initial student loan balance and have been paying it down for 10 years. They also have to be enrolled in SAVE.
The shortened pathway to debt relief is largely intended to benefit people who went to community college or didn’t end up graduating from college but …
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