00:00 The Biden administration announced it would begin forgiving the student loans of borrowers
00:04 earlier than expected. The SAVE plan is set to begin canceling debt in February
00:09 for borrowers who have been in repayment for a decade or more and originally took out $12,000
00:15 or less, according to CNBC. Business Insider notes that a key feature of President Joe Biden's new
00:21 student loan repayment plan is shortening the forgiveness timeline for some borrowers,
00:26 particularly those with lower borrowing amounts. President Biden released a statement saying,
00:31 "I am proud that my administration is implementing one of the most impactful
00:36 provisions of the SAVE plan nearly six months ahead of schedule." So far,
00:40 6.9 million student loan borrowers have enrolled in SAVE, according to Business Insider.
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