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Biden administration to forgive $4.9 billion in student debt for 73,600 borrowers

  • The Biden administration has approved $5 billion in debt relief for 74,000 borrowers, including teachers and healthcare professionals.
  • The new repayment plan, called SAVE, will cancel loans for eligible borrowers starting in February, providing faster relief.
  • The relief program will prioritize borrowers who attended community colleges and have been in repayment for at least 20 years.
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