Some Americans Will Get Their Student Loans Canceled In February

WASHINGTON (AP) — Republicans say President Joe Biden’s plan to start canceling student loans for some borrowers in February is an attempt to win voters ahead of the 2024 presidential election.

Cancellation was set to begin in July under the new SAVE repayment plan but is being unrolled earlier to provide faster relief to borrowers.

The Democratic president said Friday it’s part of an effort “to give more borrowers breathing room.”

Borrowers will be eligible if they’re enrolled in the new SAVE plan, they originally borrowed $12,000 or less to attend college, and they’ve made at least 10 years of payments.

North Carolina Republican Rep. Virginia Foxx says the plan will dump kerosene on a “raging student debt fire.”