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Biden administration to forgive $1.2B in student debt

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The Biden administration announced it would forgive $1.2 billion in student debt.

The decision impacts nearly 153,000 borrowers who are enrolled in the administration's new repayment program, called the Saving on a Valuable Education, or SAVE, plan.

Borrowers who have been in repayment for at least a decade and originally took out $12,000 or less are eligible.

Read more from CNBC.

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