The U.S. Education Department announced that it's picking up the pace of student loan relief for qualifying borrowers.

According to the agency is speeding up the forgiveness process for borrowers who are enrolled in President Joe Biden’s Saving on a Valuable Education (SAVE) new income-driven repayment plan rolled out by the Biden administration.

Originally set to launch in July 2024, borrowers enrolled in SAVE will have their debts immediately canceled “if they originally took out $12,000 or less in undergraduate or graduate student loans and have been in repayment for at least 10 years” which will now begin in February.

In an issued statement, President Joe Biden shared his excitement about the plan moving forward faster than expected.

“I am proud that my Administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule,” Biden’s statement read.

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“These steps will help additional borrowers get the student debt relief that they need, and frankly, that they’re owed,” White House Domestic Policy Adviser Neera Tanden added.

This is the latest example of the Biden administration attempting to address the ever-growing student loan crisis. Per the report, the move is the  Education Department’s 25th executive action on student loan relief which is a major tenet of Biden’s administration and now his reelection campaign. In October,  Biden approved the cancelation of $9 billion in student loan debt for 125,000 people who qualify under existing programs.

“President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families,” the White House statement said, adding that the “administration has taken unprecedented steps to fix the broken student loan system.”

In addition to the acceleration of the student loan relief, the Education Department estimates that “nearly nine in 10 future community college borrowers enrolled in the SAVE plan will be debt-free after 10 years.”