Biden will cancel federal loans for 153,000 student

Approximately 153,000 student loan borrowers, currently enrolled in a novel repayment plan introduced by the Biden administration, are anticipated to receive an email on Wednesday informing them of the cancellation of their remaining federal student loan debt, totaling approximately $1.2 billion.

“I promise you: I’m never going to stop fighting for hard-working American families," he said.

Biden emphasized that forgiving student loans enables recipients to purchase homes, establish families, and make greater contributions to the economy.

“That’s all we’re doing: giving people a chance. A fighting chance to make it,” Biden told an audience of dozens, many of whom raised their hands when he asked how many have had student loans.

Biden outlined the operation of his new program on Wednesday: To qualify for the benefit, borrowers must be enrolled in the Saving on a Valuable Education — or SAVE — repayment plan. According to the White House, they must have been in repayment for at least 10 years and borrowed no more than $12,000 for college before the event.