More student debt cancellations

(NBC) - The White House has announced a fresh wave of early student debt cancellation for some borrowers.

This round of debt forgiveness applies to borrowers who received less than $12,000 in federal loans.

And have been paying off their balances for at least 10 years.

The Biden Administration announced Friday that those borrowers remaining student debt will be canceled in February.

The move applies to borrowers enrolled in the new income-driven repayment plan known as SAVE.

Which administration officials touted in recent months as a way to help lower their monthly payments.

While 30 million people are eligible for the SAVE plan.

The Biden Administration said that only about seven million are currently enrolled.

It's not immediately clear how many borrowers could be affected by the cancellation effort.