We're getting a closer look at what student loan forgiveness looks like for some of the borrowers in Michigan who enrolled in the Biden administration's Saving on Valuable Education or SAVE Plan.
The administration released a state-by-state breakdown Friday morning of the $1.2 billion in loan forgiveness.
According to the Biden administration, in all 50 states and American territories who qualify, should have received an email this week notifying them that they were approved for forgiveness.
There are 7.5 million borrowers enrolled in the SAVE Plan.
Just under 153,000 student loan borrowers are included in this "forgiveness" plan. 6,000 of them are here in Michigan.
For a borrower to be eligible for this round of student loan forgiveness the borrower must be enrolled in the SAVE Plan, while making at least 10 years of payments, and have taken out S12,000 dollars or less for college.
For every $1,000 borrowed above the $12,000 mark, a borrower can receive forgiveness after an additional year of payments.
All borrowers on the SAVE Plan receive forgiveness after 20-25 years depending on whether they have loans for graduate school.
Here in Michigan, $47 Million in student loans have been forgiven under the SAVE Plan.
The Biden administration says servicers started processing this money Friday.
