Biden Student Loan Forgiveness Update 2024. President biden starts notifying more than 150,000 student loan borrowers enrolled in the save plan that their debts — totaling $1.2 billion — have been forgiven. Today, president biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the saving on a valuable education (save) repayment.
President joe biden’s decision to permanently cancel up to $20,000 in loans for borrowers who qualify would have fulfilled a pledge that he made during his 2020 run for president. Thanks to this administration’s efforts more than one out of every 10 federal student loan borrowers has now been approved for some debt relief.