Biden’s SAVE Plan to forgive $1.2 billion student debt impacting nearly 1,700 Oklahomans

OKLAHOMA CITY (KOKH) — Thousands of student loan borrowers will see their debt forgiven under a new federal plan, and many Oklahomans are included on that list.

President Biden has tried to get some of the $1.7 trillion in U.S. student loan debt forgiven for borrowers, and there have been some upsets in those plans, but his latest SAVE Plan should help a lot of Oklahomans.

In total, $1.2 billion of student loan debt will be forgiven, which will impact 153,000 borrowers.

In Oklahoma, 1,690 borrowers will get a break on their debt, totaling $12.9 million that Oklahomans will keep instead of sending off to the federal government.

But how do you ensure you’re on that list?

Well, you have to qualify.

Under the SAVE Plan, or the saving on a valuable education plan, borrowers have to have made payments on their student loans for at least ten years.

The plan is also reserved for people who took out $12,000 or less in loans, but those who took out more could still get the benefits.

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

But the biggest benefit in the end is all borrowers on the SAVE Plan, after 20 to 25 years, will receive forgiveness.

To see if you qualify and to sign up, go to studentaid.gov/save.

Oklahomans on the plan should expect a notification in the coming days on the money that’s being forgiven in the state.