President Biden announced that 277,000 borrowers across the country will get their student loan debt canceled.
This includes around 6,100 people in Virginia. This latest round of relief comes for borrowers who are enrolled in the save program.
It’s the most affordable repayment plan where borrowers only have to pay 5% of their income every month toward their student loan.
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Hampton Roads residents split on Biden plan to forgive billions in student debt
News 3 spoke to the senior economic adviser to President Biden.
"The 277,000 people who are getting forgiven today are people who have been paying into the student loan program for years and years," Jon Donenberg, the senior economic adviser to Biden said. "Now, thanks to the changes President Biden has made, we are able to have their debt wiped out."
Donenberg says borrowers who qualify will be notified this week that their student loan debt will be wiped out.
