Borrowers in states with the highest borrowing rates are set to get the biggest share of Biden's student loan forgiveness under the new income-driven repayment plans.
said it would begin notifying
804,000 borrowers that they have a collective $39 billion in federal student loans eligible for automatic discharge under President Joe Biden's Saving on a Valuable Education plan. The IDR plan would reduce the monthly payment to $0 for borrowers earning $32,800 a year or less, translating to roughly $15 an hour.
Additionally, borrowers with an original balance of $12,000 or less will receive forgiveness of any remaining balance after making 10 years of payments, with the maximum repayment period before forgiveness rising by one year for every additional $1,000 borrowed, the White House The program promises savings of at least $1,000 a year for borrowers earning above that threshold compared to other IDR plans.
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