NAACP Celebrates Expansion of SAVE Program

FOR IMMEDIATE RELEASE

January 12, 2024 

Contact: Alicia Mercedes, amercedes@naacpnet.org

WASHINGTON - Today, the Department of Education announced that it would expand the SAVE program to extend early debt forgiveness for borrowers with initial loans of $12,000 or less who have made payments for at least 10 years, starting next month. 

NAACP National Director of Youth & College, Wisdom Cole, released the following statement celebrating today's news and uplifting the advocacy efforts of young people:

"Student debt cancellation is an essential component of the continued fight to close the racial wealth gap. We applaud the Biden Administration for their work to create clear pathways to relief in the absence of broad based cancellation. This expansion of SAVE will provide much-needed relief to millions of borrowers who face crippling debt at the hands of exorbitant interest rates.."

In addition to today's expansion announcement, the Administration provided new information on SAVE's progress and expected impact. Key milestones include:

• The SAVE Plan has doubled its enrollment to 6.9 million borrowers.
• 85% of future community college borrowers are expected to be debt-free within 10 years under SAVE.
• The Administration has approved nearly $132 billion in student debt relief for over 3.6 million borrowers.

"Make no mistake - the $132 billion of relief approved thus far is a direct result of young people's efforts to make their voices heard, from the ballot box to the steps of the Supreme Court," Cole continued. "But we're not finished yet. As we look towards the 2024 election, we must do everything in our power to ensure that we elect an administration that will continue to carry this fight forward. This is what advocacy in action looks like."

The NAACP has partnered with the Department of Education, Civic Nation & other advocacy organizations, engaging in a nationwide outreach campaign to ensure that borrowers are aware of the Income Driven Repayment (IDR) options available to them. 

To learn more about NAACP's work to make student debt cancellation a reality, visit our website. 

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About NAACP

The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities.

NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF - was founded in 1940 as a part of the NAACP, but now operates as a completely separate entity.