President Biden/Press Conference: While a college degree is still a ticket to a better life, that ticket is too expensive. And too many Americans are still saddled with unsustainable debt in exchange for a college degree.
That’s President Biden, speaking earlier today about his Saving on a Valuable Education plan and how it will SAVE thousands of borrowers from loans.
Since coming into office, the president has canceled almost $138 billion for about 3.9 million student loan borrowers.
President Biden/Press Conference: By freeing millions of Americans from the crushing debt of student loan programs, it means they can finally get on with their lives instead of getting their lives being put on hold.
Enrollment for the SAVE plan opened in August. The program reduces monthly payments and shortens the life of loans.
The payment plan’s first round of forgiveness began today.
The White House says emails were sent to nearly 153,000 people and will clear $1.2 billion in loans. The emails were sent to borrowers who have been in repayment for at least 10 years and have a debt of $12,000 or less.
For Annenberg Media, I’m Aerianne Collantes.