The Biden administration is set to cancel approximately $1.2 billion in federal student loan debt for nearly 153,000 borrowers enrolled in the new repayment plan called SAVE. These borrowers will receive an email notification, including a congratulatory message from President Joe Biden. Since taking office, the Biden administration has prioritized addressing student loan debt, despite facing setbacks, such as the Supreme Court rejecting a signature loan forgiveness program. The current round of debt relief follows the cancellation of nearly $138 billion in federal student loan debt for almost 3.9 million borrowers under various programs. The SAVE plan offers generous repayment terms, and borrowers who originally borrowed $12,000 or less and have made payments for at least 10 years will have their remaining balances erased. Additionally, the administration is conducting a recount of past payments to correct administrative errors and expand eligibility for forgiveness programs like Public Service Loan Forgiveness and borrower defense to repayment.