BREAKING: President Biden announced today that all remaining federal student debt will be immediately wiped out for borrowers who received less than $12,000 in federal loans

BREAKING: President Biden announced today that all remaining federal student debt will be immediately wiped out for borrowers who received less than $12,000 in federal loans and have been paying off their balances for at least 10 years.

The move applies to borrowers enrolled in the new income-driven repayment plan known as SAVE, which is a way to help lower their monthly payments. While 30 million people are eligible for the SAVE plan, 6.9 million are currently enrolled.

"This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans," Biden said.

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