$1.2 BILLION in federal student loans forgiven TODAY. How do you get it too?

Folks, I'm happy to have been able to forgive these loans because when we realize and relieve Americans of their student debt, they're free to chase their dreams. Wait, what? What student loans did he just forgive? I'm glad you asked. The Education Department just announced today that they forgave $1.2 billion for 153,000 federal student loan borrowers. So 153,000 of you may have an email in your inbox right now saying congratulations, your federal student loans have disappeared. But this is not some new program that just came out of the blue. This forgiveness came as a result of that SAVE Income Driven Retainment Program the President announced last year and I've been telling you about in several videos. Last month, I told you in this specific video that this was all coming. The Education Department says they were going to start forgiving and today they announced that first batch. So who qualifies for debt forgiveness under the SAVE Program? You have to meet three criteria. One, you have to be enrolled in the SAVE Income Driven Retainment Program. Two, you have to have been making at least 10 years of payments on your federal student loan. And three, your original loan was $12,000 or less. So if you meet all three, not just one or two, but all three of those requirements, then you should be expecting one of these forgiveness emails. If you didn't get one today, you may be getting one soon. It's also important to note that if you borrowed more than $12,000 initially in your federal student loan, you can still qualify for forgiveness through the SAVE Program. For every $1,000 above $12,000 that you originally borrowed, you just have to be paying on that loan for one more year. So for example, if you are part of the SAVE Program and you took out $14,000 originally in federal student loans and you've been making consistent payments for 12 years, your loan would be forgiven too. The Education Department says you do not need to apply for this. If you qualify under the SAVE Program, the forgiveness happens automatically. And if you haven't qualified yet, if you keep paying on your loan, the Department of Education will keep identifying new borrowers who eventually become eligible for forgiveness. And starting next week, the Department of Education is also going to start emailing borrowers who can become eligible for this forgiveness if they switch from their current loan repayment program into the SAVE Income-Driven Repayment Program. But forgiveness isn't the only benefit of the SAVE Program. In some cases, certainly not for everybody, but for some, monthly payments are lower because the SAVE Program is based on a new formula to calculate how much you should be paying back on your federal student loan. In fact, of the 7.5 million borrowers who are currently enrolled in SAVE, the Department of Education says 4.3 million, so more than half, have a $0 monthly payment. More features of the SAVE Program to further reduce your monthly payment are going to be rolled out later this summer, including reducing monthly payments from 10% of your discretionary income to just 5%. So if you want to read more about all of this from the Department of Education, they emailed the document out tonight, and I will email it to you tonight in my News Girl News roundup email, so make sure you sign yourself up.