Student loan forgiveness rolls out in Florida; check if you’re eligible

Writer: Nicholas Karsen
Published: Updated:
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SAVE plan
Paying off your student loans could lower your credit score but only for a short amount of time.

Nearly 153,000 borrowers will receive $1.2 billion in forgiveness due to the Saving on a Valuable Education Plan.

The Biden-Harris administration has released details regarding their state-by-state student loan forgiveness plan.

Those who qualify for student loan forgiveness will have their pre-existing loans canceled under this executive action.

Emails were sent to qualified applicants on Wednesday, notifying them they were approved for forgiveness and would not need further action to receive relief.

To be eligible for this forgiveness, a borrower must be enrolled in the SAVE Plan, have been making at least 10 years of payments, and have initially taken out $12,000 or less for college.

For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments. 

Around 12,790 borrowers in Florida will have approximately $105.4 million due to the SAVE plan.

Borrowers who believe they meet these criteria are strongly encouraged to sign up for SAVE at immediately.

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