Student Loan Debt Relief and the SAVE Plan’s Future with Secretary Miguel Cardona

U.S. Education Secretary Miguel Cardona discusses the early rollout of $1.2B in student loan forgiveness and the future of debt relief.

Why did the Biden administration accelerate student loan forgiveness by wiping away $1.2 billion in debt nearly six months ahead of schedule? How will eligible borrowers, especially those enrolled in the new income-driven repayment plan SAVE, be notified of this unexpected relief? Hosts Sean Pyles and Anna Helhoski explain the latest in student loan forgiveness before Anna speaks with Dr. Miguel Cardona, U.S. Secretary of Education. They break down the latest wave of debt relief, totaling a historic 138 billion dollars approved for cancellation among 3.9 million borrowers, all achieved through executive action. They also discuss the motivations behind prioritizing student debt forgiveness and the details of the SAVE plan, offering insights into who benefits, how eligible borrowers will be notified, and what lies ahead for student loan borrowers in 2024. 

In their conversation, the Nerds discuss: student loans, loan forgiveness, Saving on a Valuable Education (SAVE) plan, debt relief, income-driven repayment, financial aid, student debt, loan cancellation, loan eligibility, loan notification, executive action, loan benefits, repayment plan, loan borrowers, debt cancellation, loan relief, loan impact, loan insights, loan motivations, federal student aid, and Free Application for Federal Student Aid (FAFSA).

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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