It should no longer be a secret that more than half of all college degrees are granted to women. This has been the trend for some time now. So when the Biden Administration announced the cancellation of student debt for approximately 153,000 borrowers, the math tells us that most of those benefiting are women. Finally, some good news.
According to the Fact Sheet released by the White House, a total of $1.2 billion in student debt will be forgiven.
To qualify, the borrower must be enrolled in the administration’s Saving on a Valuable Education (SAVE) program. The initial debt must be under $12,000, and the borrower must have been making payments for at least ten years. The SAVE plan bases payment amounts on income and family size.
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