Biden's Student Debt Forgiveness: Here's How To Apply?

President Joe Biden stated Monday that the student loan forgiveness application is live after a successful weekend beta test. The Federal Student Aid website offers up to $20,000.

Individuals earning less than $125,000 or households earning less than $250,000 in 2021 or 2020 are eligible for up to $10,000 in tax relief.

Those who meet those income requirements and have obtained a Pell Grant are eligible for an additional $10,000 in funding.

You will not be required to re-submit an application if you submitted one while the site was in beta mode.

The application is accessible in English and Spanish and should take less than five minutes to complete. The basic form requests identifying and contact information from the borrower.

Borrowers should receive relief four to six weeks after submitting their applications, according to administration officials.

Biden stated during a news conference that 8 million borrowers submitted applications over the weekend with no technical issues.

The Education Department stated during beta testing that there was no advantage to applying before the full launch, and there is no reason to delay registering now.

The application closes on December 31, 2023. However, several legal challenges and the midterm elections could postpone the process.