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The Biden administration on Wednesday announced it would forgive $1.2 billion in student loan debt for borrowers enrolled in a certain income-driven repayment plan.
Eligible borrowers must have made at least 10 years of payments after having taken out federal loans of $12,000 or less for college. Those with balances of more than $12,000 may also be eligible once they have made another year's worth of payments for every $1,000 over the $12,000 limit. "We are once again sending a clear message to borrowers who had low balances: If you’ve been paying for a decade, you’ve done your part, and you deserve relief," said U.S. Secretary of Education Miguel Cardona.