Eligible borrowers should expect an email from President Biden.
PORTLAND, Ore. (KOIN) — More than $37.5 million in student loans will be forgiven for a portion of Oregon and Washington residents who enrolled in President Joe Biden’s Saving on a Valuable Education plan.
Earlier this week, the U.S. Department of Education announced that 7.5 million Americans are enrolled in the SAVE plan — and about 153,000 of them will have their student loan debt canceled due to the Biden-Harris administration’s recent decision.
Officials said $1.2 billion in loans will be forgiven nationwide. But on Friday, the education department unveiled just how many borrowers in each state will benefit from this move.
Throughout Oregon, $17.4 million in loans were removed for 2,220 residents.
Throughout Washington, $20.1 million was forgiven for 2,630 borrowers.
Texas, with $116.6 million forgiven, led as the state with the most debt forgiven. California and Florida followed closely thereafter.
Borrowers were eligible for forgiveness if they were enrolled in the SAVE plan, have made loan payments for at least 10 years, and if they initially borrowed less than $12,000 for college.
For those who have borrowed more than $12,000, officials said they could receive forgiveness for each additional $1,000 after another year of payment.
Eligible residents should have received an email from President Biden on Wednesday, or expect to receive an email soon. The Department of Education urged those who believe they’re eligible to register for SAVE online. Otherwise, no further action is needed.
“All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school,” the education department explained. “The benefit is based upon the original principal balance of all Federal loans borrowed as a student to attend school, not what a borrower currently owes or the amount of an individual loan.”
