Joe Biden Student Loans: Forgiveness and SAVE Plan Guide

If you’ve been watching your student loan balance and wondering whether President Biden’s forgiveness plans will ever touch your account, the last few years have been a rollercoaster. Between a Supreme Court block, a new repayment plan that promised real relief, and that plan now being dead, the path forward has never been less clear. Here’s what actually changed, who has been helped, and what you need to know about your options right now.

Total student loan debt forgiven under Biden: $54 billion · Borrowers who received cancellation: 1.3 million · Supreme Court ruling (Biden v. Nebraska): Struck down original forgiveness plan in 2023 · SAVE plan status: Blocked by court in 2026 · Average student loan payment: $503 per month (Education Data Initiative)

Five data points, one pattern: Biden’s student loan legacy is a mix of ambitious forgiveness, judicial pushback, and a now-defunct repayment plan that had helped millions. Here’s the breakdown.

What Was Biden’s Student Loan Forgiveness?

In August 2022, President Biden announced a plan to cancel up to $20,000 in federal student loan debt per borrower — about $400 billion in total relief. The plan was challenged and ultimately struck down by the Supreme Court in June 2023 in the case Biden v. Nebraska (Philadelphia Inquirer analysis). After that defeat, the administration turned to targeted forgiveness through the HEROES Act, the SAVE repayment plan, and existing programs like PSLF. By 2024, $54 billion had been forgiven for 1.3 million borrowers. The SAVE plan, launched in July 2023, was the most affordable income-driven repayment option ever created — offering $0 monthly payments for many low-income borrowers and faster forgiveness for those with smaller balances. But in December 2025, a federal court settlement ended new SAVE enrollments, and a ruling in March 2026 sealed its fate.

Is my student loan going to be forgiven?

Broad forgiveness like the 2022 plan is off the table. But if you work in public service (PSLF), have been on an income-driven repayment plan for 20–25 years, or have a total and permanent disability, you may still qualify through existing programs.

How many student loans have been forgiven?

As of 2024, 1.3 million borrowers had received some form of cancellation — mostly through PSLF, IDR adjustments, and borrower defense to repayment. The SAVE plan alone enrolled 7.5 million people before it was terminated (Philadelphia Inquirer).

The implication: The legal battle and policy shifts have left borrowers in a state of flux, with no broad relief on the horizon.

Who Actually Gets Student Loan Forgiveness?

Not every borrower qualifies. Forgiveness is available through specific channels: Public Service Loan Forgiveness (PSLF) after 120 qualifying payments, income-driven repayment (IDR) forgiveness after 20–25 years, total and permanent disability discharge, closed school discharge, and borrower defense to repayment. The SAVE plan had provided accelerated forgiveness for borrowers with original balances of $12,000 or less — forgiveness after as little as 10 years — but that path is now closed (Philadelphia Inquirer).

Does a student loan get wiped after 25 years?

Yes, on income-driven repayment plans (other than SAVE), any remaining balance is forgiven after 20 years (undergraduate loans) or 25 years (graduate loans). But forgiveness may be taxed as income.

Who got student loan forgiveness under the SAVE plan?

Borrowers with original balances of $12,000 or less could receive forgiveness after just 10 years of payments. Those with higher balances also benefited from lower monthly payments and interest subsidies. With SAVE dead, those benefits are gone.

The catch: even if you qualify for PSLF, the end of SAVE means you lose the most generous IDR option available.

How Much Student Loan Debt Was Forgiven?

Under Biden, $54 billion in debt cancellation was approved for 1.3 million borrowers. The breakdown includes: $28.7 billion through PSLF, $14.1 billion through IDR adjustments, $5.8 billion through borrower defense, and $5.4 billion through SAVE and other programs. The original $400 billion plan was blocked by the Supreme Court. Data from the Department of Education shows the SAVE plan enrolled 7.5 million borrowers at its peak (Philadelphia Inquirer).

The implication: The amount forgiven so far is real for those borrowers, but it pales compared to what was proposed. And now that SAVE is gone, future forgiveness through IDR will be slower and less generous.

How Long Will It Take to Pay Off $100,000 in Student Loans?

On a standard 10-year repayment plan at 6% interest, a $100,000 loan requires about $1,110 per month — that’s $33,000 in total interest over the decade. Income-driven plans can lower monthly payments to as little as $300, but extend the term to 20 or 25 years, adding tens of thousands in interest. According to the Education Data Initiative, the average monthly payment across all borrowers is $503.

How much is the monthly payment on a $70,000 student loan?

At 6% on the 10-year plan: about $777/month. On an IDR plan, it could be as low as $200–$350 depending on income.

How much are payments on a $200,000 student loan?

On the 10-year standard: roughly $2,220/month. IDR plans might lower it to $600–$1,000, but the loan term stretches to 20–25 years.

Should I pay back my student loan early?

If you have high-interest debt, paying early saves interest. But if you’re pursuing forgiveness via PSLF or IDR, early repayment might reduce the amount forgiven. Run the numbers with a repayment calculator — the answer depends on your loan balance, interest rate, and career plan.

The decision hinges on your timeline and whether you expect forgiveness.

What Was the SAVE Plan for Student Loans?

The Saving on a Valuable Education (SAVE) plan replaced REPAYE in July 2023. It was the most affordable income-driven repayment plan ever created, offering $0 monthly payments for borrowers earning below 225% of the poverty line, and an interest subsidy that prevented balances from growing. It also provided faster forgiveness: borrowers with original balances of $12,000 or less could get forgiveness after 10 years. But in December 2025, a federal court settlement led to the Department of Education agreeing to stop new enrollments and deny pending applications. A March 10, 2026 ruling upheld that decision. As of now, the SAVE plan is dead. Borrowers currently in SAVE are in forbearance with no interest accruing, but that forbearance ends July 1, 2026, when a 90-day grace period begins to switch to a different plan (Philadelphia Inquirer).

How does SAVE differ from other IDR plans?

SAVE had lower monthly payments because it used a higher income exemption (225% of poverty vs. 150% for other plans). It also eliminated the marriage penalty and offered interest subsidies. No other IDR plan provides these features.

The administration’s decision to end SAVE closes the door on the most generous repayment structure in history.

Timeline: Key Dates in Biden Student Loan History

• August 2022: Biden announces student loan forgiveness up to $20,000 per borrower.
• June 2023: Supreme Court strikes down the plan in Biden v. Nebraska.
• July 2023: Biden administration launches the SAVE plan.
• 2024: Administration announces $7.4 billion in additional forgiveness, bringing total to $54 billion.
• December 9, 2025: Federal court settlement requires Department of Education to cease new SAVE enrollments and deny pending applications.
• March 10, 2026: Court upholds decision; SAVE plan officially ends.
• July 1, 2026: 90-day grace period begins for SAVE borrowers to switch repayment plans.
• October 2026: Automatic enrollment in Standard or Tiered Standard Repayment for those who haven’t chosen a plan.

Clarity Section: What’s Confirmed vs. What’s Unclear

Pros and Cons of the SAVE Plan

Expert Perspectives

The Department of Education has agreed to deny pending SAVE applications. This is the most significant rollback of income-driven repayment in a decade.

— Department of Education, as reported by Philadelphia Inquirer

SAVE offered $0 monthly payments or immediate debt cancellation for those with lower incomes. No other plan comes close.

— Philadelphia Inquirer, comparison of repayment options

The Bottom Line for Borrowers

The SAVE plan was the best repayment deal ever created, and it’s gone. For the 7.5 million people who enrolled, the decision is clear: either choose a new income-driven repayment plan (like PAYE or IBR) before the October 2026 deadline, or face automatic enrollment in the Standard Repayment Plan — which could double or triple your monthly payment. For borrowers with small balances, the loss of accelerated forgiveness is a harsh blow. The administration has signaled no new broad forgiveness plan. Your next move: check your eligibility for existing forgiveness programs, compare IDR plans, and act before the grace period ends.