AUSTIN, Texas — After the Biden administration notified more than 150,000 borrowers that their student loans had been canceled, new details revealed many of them were Texans.
The administration published a breakdown on Friday of the borrowers affected by the new SAVE repayment plan.
About $116 million worth of loans were wiped out for 14,510 Texans, which is more than any other state. California saw nearly $115 million in student loan forgiveness for more than 13,500 residents. In Florida, 12, 790 borrowers had more than $105 million wiped out.
Loan forgiveness was scheduled to begin in July, but President Joe Biden announced in January that it would be accelerated to provide faster relief to borrowers.
Those eligible for student loan relief were enrolled in the new SAVE plan if they originally borrowed $12,000 or less to attend college. They also had to have made at least 10 years of payments.
Nearly $138 billion in debt relief has now been approved for around 3.9 million Americans.
The U.S. Department of Education is expected to reach out directly to borrowers who are eligible for early relief but not currently enrolled in the SAVE plan.
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 a 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.