As Prepared For Delivery:
Hello everyone. Thank you for joining today’s call on new actions the Biden-Harris Administration is taking to continue to improve the student loan program through the SAVE plan and provide early forgiveness for borrowers.
From Day One, President Biden has been focused on providing much-needed relief to millions of student loan borrowers.
How have we done so?
First, we’ve fixed longstanding historical inaccuracies in the income-driven repayment system to make it a better plan for borrowers.
Second, we’ve massively grown the impact of our Public Service Loan Forgiveness program.
Third, we’ve engaged in other targeted loan forgiveness. That includes relief for borrowers who were cheated by their schools or saw them suddenly close.
To date, we have provided $132 billion in student loan debt relief for 3.6 million student loan borrowers.
This is a tremendous track record.
And we’re not finished yet.
Today, I am so proud to join Secretary Cardona in announcing a new action we’re taking to accelerate a key provision of the SAVE Plan—the most affordable repayment plan in history. And we are doing so almost 6 months ahead of schedule.
Specifically, we will provide early forgiveness to borrowers enrolled in SAVE who have been in repayment for at least 10 years and who originally took out less than $12,000 in loans.
For every $1,000 above that amount, borrowers receive forgiveness after an additional 12 payments.
This announcement will help borrowers pay off their loans, faster.
The SAVE plan is scheduled to be fully implemented by July 1.
But instead of waiting until July to provide low-balance borrowers enrolled in SAVE with early forgiveness, we’re delivering them relief starting next month.
Additionally, today, we’re starting an outreach campaign to borrowers we believe could benefit from early forgiveness. We’re encouraging them to check out SAVE and consider enrolling.
And, we’re reaching out directly to borrowers enrolled in other income-driven repayment plans who could benefit from early forgiveness if they switch to the SAVE plan.
These steps will help additional borrowers get the student debt relief that they need—and, frankly, that they’re owed.
With that, I will turn it over to my friend, Secretary Cardona. Secretary Cardona, thank you for your tremendous and tireless leadership on student debt and so many other critical issues affecting students across America. We are so fortunate to have you as a champion of our students.