(Part-1) Biden will speed his new proposal to eliminate student loans in February.

 As part of a new repayment scheme that is taking effect nearly six months ahead of schedule, the student loans of certain borrowers will be cancelled in February by the Biden administration.

The new SAVE repayment scheme was supposed to start loan forgiveness in July, but President Joe Biden said Friday that it will be hastened to provide homeowners speedier relief. The Democratic president said in a statement that it's part of a larger effort "to act as quickly as possible to give more borrowers breathing room" and get over their student debt.

Borrowers who have paid off their loans for at least ten years and were enrolled in the new SAVE plan may be eligible for cancellation if their original loan amount was $12,000 or less. The number of debtors who will be eligible for cancellation in February is uncertain, according to the Education Department.

Last year, Biden unveiled the new repayment scheme in addition to another initiative to erase up to $20,000 worth of debts for millions of Americans. His idea for extensive forgiveness was rejected by the Supreme Court, but his repayment scheme has managed to avoid that degree of judicial scrutiny. Legislation and a resolution introduced by Republicans last year to obstruct the new repayment arrangement were failed.

Republican critics said the expedited pardon was an effort to sway voters in the run-up to the 2024 presidential race. House Committee on Education and the Workforce chairperson and Republican from North Carolina, Virginia Foxx, expressed her concern that it will "dump even more kerosene on an already raging student debt fire."

Compared to its predecessors, which were income-driven repayment schemes, the current one has significantly more lenient conditions. The new plan allows cancelation as early as 10 years into the payment schedule, compared to earlier programs that required 20 or 25 years. Millions of debtors would also see a reduction in their monthly payments under the new scheme.

Those that withdrew above $12,000 would have a lengthier wait before they can cancel their loans. Beyond $12,000, there is an extra year of payments on top of the 10-year total.

Undergraduates with a maximum repayment length of 20 years and graduate students with a maximum repayment time of 25 years are subject to different caps.

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