Student Loan Forgiveness 2024 Save Plan 2024. The proposed plan includes relief for borrowers who have been paying their loans for at least 20 or 25 years, automatic forgiveness for borrowers who are eligible for. By july 1, 2024, the transition from repaye to save should be complete.

Biden’s plan aims to address that “runaway interest” by canceling up to $20,000 of the amount a borrower’s balance has grown due to unpaid interest after. Loan forgiveness embedded in save.