The U.S. Education Department recently announced it’ll begin forgiving student loan debt for thousands of borrowers ahead of the previously announced schedule Borrowers involved in the Saving on A Valuable Education (SAVE) plan who’ve made payments for the past 10 years and whose initial loan balance was $12,000 or less will have their debts automatically canceled beginning this month, well ahead of the previous deadline. Forgiveness was originally scheduled for July 1, 2024, with every $1,000 above $12,000 borrowed eligible to be forgiven after an additional year of payment.
The Education Department said eligible borrowers will be notified this month and won’t be required to take any action to receive this forgiveness, as long as they’re enrolled in the SAVE plan. If you have student debt, make sure you sign up for the SAVE plan at www.student aid.gov if you haven’t already.
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