How many Louisiana borrowers had loans forgiven under SAVE plan?

Trinity Velazquez
·1 min read
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BATON ROUGE, La. (BRPROUD) – Over 2,000 Louisiana borrowers under the SAVE plan had their student loans forgiven.

The Biden-Harris administration announced that almost 153,000 people across the country have had their loans canceled. Borrowers received an email Wednesday notifying them if their loans were forgiven.

In Louisiana, 2,160 people had $16.3 million in loans forgiven, according to the U.S. Department of Education. To qualify, borrowers had to be enrolled in the SAVE Plan, originally have taken out $12,000 or less for college and have been making payments for 10 years.

“When we talk about fixing a broken student loan system, this is what we’re talking about,” said U.S. Secretary of Education Miguel Cardona. “The state-by-state SAVE Plan debt forgiveness numbers we’re announcing today not only show that President Biden’s leadership is making a real impact on people’s lives in every state, they demonstrate that we won’t ever stop fighting to make higher education more affordable and accessible for more Americans. This is that commitment in action. This is the real deal.”

The SAVE Plan was created after the Supreme Court decided to overturn Biden’s student loan debt cancellation plan. The plan greatly reduces monthly payments and some borrowers could pay as low as $0 a month.

What Biden’s SAVE plan means for student loan borrowers

In total, $1.2 billion was forgiven after the Education Department identified eligible borrowers. The first wave of forgiveness was supposed to happen in July.

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