In his email to borrowers, Biden wrote he heard from “countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they’ve put on hold.”More than 7.5 million people have enrolled in the new repayment plan.He said Wednesday it was the kind of relief “that can be life-changing for individuals and their families.”“I’m proud to have been able to give borrowers like so many of you the relief you earned,” he said, asking the crowd gathered for his speech how many had debt forgiven. Many raised their hands.During a quick stop at CJ’s Cafe before his library talk, Biden greeted customers, offering handshakes and hugs and posing for selfies. After his speech, Biden headed to San Francisco, where he was greeted by former House Speaker Nancy Pelosi and headed to a fundraiser at a private home, where he spoke of his efforts to combat climate change to a roomful of donors.Biden announced the new loan repayment plan last year alongside a separate plan to cancel up to $20,000 in loans for millions of Americans. The Supreme Court struck down his plan for widespread forgiveness, but the repayment plan has so far escaped that level of legal scrutiny. Unlike his proposal for mass cancellation — which had never been done before — the repayment plan is a twist on existing income-based plans created by Congress more than a decade ago.Biden said he remained steadfast in his commitment to “fix our broken student loan system,” working around the court’s ruling to find other ways to get it done.Borrowers are eligible for cancellation if they are enrolled in the SAVE plan, originally borrowed $12,000 or less to attend college and have made at least 10 years of payments. Those who took out more than $12,000 will be eligible for cancellation but on a longer timeline. For each $1,000 borrowed beyond $12,000, it adds an additional year of payments on top of 10 years.The maximum repayment period is capped at 20 years for those with only undergraduate loans and 25 years for those with any graduate school loans.
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