Almost 1,800 Mississippians approved for student loan forgiveness program

Almost 1,800 Mississippians will be forgiven their student loans as part of the SAVE Plan forgiveness program.

The Biden-Harris Administration released a state-by-state breakdown this morning, showing how the $1.2 billion breakdown will be divided among the states.

The breakdown shows that Mississippi will receive $13.3 million dollars for 1,790 eligible Mississippi borrowers.

To be eligible for the forgiveness plan, a borrower must be enrolled in the Saving on a Valuable Education Plan, been making payments for at least 10 years and must have originally taken out $12,000 or less for college.

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

All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school.

Borrowers who believe they meet the criteria can sign up for SAVE at StudentAid.gov/SAVE.