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Biden's SAVE Program Expands Debt Relief to 30 Million Americans

Apr 21, 2024, 02:00 PM

The Biden administration recently expanded its student debt relief efforts, now covering approximately 750,000 households with incomes over $312,000. This initiative, analyzed by the Wharton School of the University of Pennsylvania, is part of a broader plan that includes canceling up to $20,000 in accumulated interest for borrowers who have been making timely payments. The plan, known as the SAVE program, aims to alleviate the financial burden of student loans, which has been a significant issue for many Americans, including those like Bridget who benefited from debt cancellation under the Biden-Harris Administration. Overall, the new measures are expected to bring relief to over 30 million Americans and will cost taxpayers approximately $475 billion, with up to 57% of borrowers paying nothing.