Joe Biden announced Friday that federal student debt will be wiped out for millions of people, despite previous conservative attempts to stop him.The Biden administration unveiled the Saving on a Valuable Education plan in August. The SAVE plan reduces millions of borrowers’ monthly payments based on their income and family size. The plan also caps interest accrual and forgives remaining balances after a certain number of years.The new round of student loan forgiveness under the SAVE plan applies to borrowers who took out less than $12,000 in federal loans and have been paying off their balances for at least 10 years. They will have their remaining debt canceled in February.This move, which
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