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Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and many other outlets.
Kaitlin Mulhere has been covering the intersection of college and personal finance since 2015. She enjoys breaking down the complexities of college costs and financial aid, and she also runs Money’s Best Colleges rankings.
Early student loan forgiveness through the Biden administration’s new income-driven repayment plan is on its way for borrowers with higher original student loan balances, too.
President Joe Biden announced Friday that his administration is implementing the forgiveness portion of Saving on a Valuable Education program, aka SAVE, nearly six months ahead of schedule. Debt cancellation now will start in February. This benefit was originally scheduled to take effect in July.
Due to mixed messaging of the roll out and complex qualifications, itwaswidelyreported that only loan amounts of $12,000 or less would be eligible for early forgiveness, but the White House and the Department of Education confirmed to Money that higher balances are eligible for forgiveness as well.
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