CHARLOTTE, N.C. — Student loans are set to start back up in just about three months, but there is more relief on the way for thousands of borrowers.
New data shows thousands of people in the Carolinas could have their student loans canceled.
Whether or not you qualify for the SAVE Plan is going to depend on your repayment history within the past 20 to 25 years, so this would not include recent graduates.
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The Biden-Harris Administration has approved 804,000 borrowers for $39 billion in federal student loans for automatic discharge this summer. The SAVE Plan applies to people on an income-driven repayment plan, which is a payment plan that is adjusted based on income and family size, and eligibility depends on your repayment stretching back at least two decades.
The vast majority of borrowers will be eligible to save money through that plan.
The SAVE Plan impacts about 42,000 people in the Carolinas, about 25,000 people in North Carolina alone clearing more than $1.1 million in debt, and more than 16,000 in South Carolina totaling roughly $855.
The Biden Administration says the goal is to bring financial relief to a burden that weighs down on families for decades, which is the most driven repayment plan in history. A lot of Republicans are still not on board with the plan, including North Carolina congresswoman Virginia Foxx who says this plan ruins our education financing system.
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