TBA Law Blog


Posted by: Julia Wilburn on Feb 22, 2024

The federal Department of Education Department yesterday zeroed out loan balances for nearly 153,000 borrowers, who borrowed $12,000 or less, have been paying their student loans for at least 10 years and enrolled in the Biden administration's Saving on a Valuable Education (SAVE) repayment plan which launched last summer, National Public Radio reports. Republican lawmakers have tried to stop the SAVE plan, arguing it is outside of the administration's authority and criticizing the president for campaigning for votes with the new policy. Education Secretary Miguel Cardona said the administration is "using the negotiated rulemaking process [under the Higher Education Act of 1965] to come up with a debt relief plan that will positively impact Americans and give them an opportunity to get back on their feet."