President Joe Biden on Monday announced the formal launch of the federal application for Americans seeking student loan forgiveness, the latest phase of his plan that is expected to provide debt relief to as many as 43 million borrowers.
President Joe Biden on Monday announced the formal launch of the federal application for Americans seeking student loan forgiveness, the latest phase of his plan that is expected to provide debt relief to as many as 43 million borrowers.
“Today, I’m announcing millions of people working and middle-class folks can apply and get this relief. And it’s simple and it’s now. It’s easy,” Biden said in remarks from the White House alongside Education Secretary Miguel Cardona.
“Today, I’m announcing millions of people working and middle-class folks can apply and get this relief. And it’s simple and it’s now. It’s easy,” Biden said in remarks from the White House alongside Education Secretary Miguel Cardona.
“This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.”
Individuals seeking to apply for student debt relief can now fill out the form in English or Spanish at Studentaid.gov. The form includes information on the debt relief, who qualifies for it and how it works.
“This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.”
Individuals seeking to apply for student debt relief can now fill out the form in English or Spanish at Studentaid.gov. The form includes information on the debt relief, who qualifies for it and how it works.
It asks applicants for information including their full name, Social Security number, date of birth, phone number and an email address. Borrowers have until December 31, 2023, to submit an application.
It asks applicants for information including their full name, Social Security number, date of birth, phone number and an email address. Borrowers have until December 31, 2023, to submit an application.
Biden in August announced his decision to cancel up to $10,000 in student loan debt for individuals making less than $125,000 a year or as much as $20,000 for eligible borrowers who were also Pell Grant recipients.
Biden in August announced his decision to cancel up to $10,000 in student loan debt for individuals making less than $125,000 a year or as much as $20,000 for eligible borrowers who were also Pell Grant recipients.
Borrowers must have federally held student loans to qualify. In addition to federal Direct Loans used to pay for an undergraduate degree, federal PLUS loans borrowed by graduate students and parents may also be eligible if the borrower meets the income requirements.
Borrowers must have federally held student loans to qualify. In addition to federal Direct Loans used to pay for an undergraduate degree, federal PLUS loans borrowed by graduate students and parents may also be eligible if the borrower meets the income requirements.
The Biden administration has said that applicants who are “more likely to exceed the income cutoff” will be required to submit additional information, like a tax transcript. And while borrowers will not have to pay federal income tax on the student loan debt forgiveness
The Biden administration has said that applicants who are “more likely to exceed the income cutoff” will be required to submit additional information, like a tax transcript. And while borrowers will not have to pay federal income tax on the student loan debt forgiveness
The Education Department initially said these privately held loans would be eligible for the one-time forgiveness action – but reversed course in September when six Republican-led states sued the Biden administration, arguing that forgiving the privately held loans would financially hurt states and student loan servicers.
The Education Department initially said these privately held loans would be eligible for the one-time forgiveness action – but reversed course in September when six Republican-led states sued the Biden administration, arguing that forgiving the privately held loans would financially hurt states and student loan servicers.