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Nearly 153,000 Americans woke up to unexpected good news on Wednesday morning. The U.S. Department of Education emailed borrowers enrolled in the Saving on a Valuable Education (SAVE) plan a message from President Biden that it had erased $1.2 billion in student loan debt: "Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan," read the message from the President.
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