President Joe Biden's administration announced Wednesday that it will cancel $1.2 billion in student debt for about 153,000 people who took out modest student loans. To qualify you must: Be enrolled in the Biden Administration's payment plan called SAVE ( Saving on a Valuable Education ) Have been making payments for at least 10 years.
Have borrowed $12,000 or less for college. For every additional $1,000 a person initially borrowed, they will receive relief after an additional year of payments.