Some Americans will get their student loans canceled in February as Biden accelerates his new plan

By COLLIN BINKLEY
AP Education Writer

WASHINGTON (AP) — The Biden administration will start canceling student loans for some borrowers starting in February as part of a new repayment plan. Cancellation was originally set to begin in July under the new SAVE repayment plan but is being unrolled ahead of schedule to provide faster relief to borrowers. President Joe Biden says it’s part of an effort “to act as quickly as possible to give more borrowers breathing room.” Borrowers will be eligible for cancellation if they are enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.