Student Forgiveness Loan: Who Qualifies & How To Apply?
The student loan debt of millions of borrowers would either be reduced or eliminated entirely under President Biden's plan.
The Biden administration announced changes to the federal student loan system on Oct. 31, including more consumer protection and a simpler process to forgive debt from for-profit schools.
The debt relief application is now available online. A borrower's name, social security number, phone number, and email address are all required on the form.
Both English and Spanish versions of it are avaliable. The application deadline for borrowers is December 31st, 2023.
A federal appeals court temporarily halted student-loan forgiveness on Oct. 21 to consider a request by Republican leaders in six states to block the program.
The plan would eliminate up to $10,000 in federal loan debt for individuals earning less than $125,000 or couples earning less than $250,000.
The plan is expected to benefit the vast majority of the more than 43 million Americans who owe $1.6 trillion in student loan debt.
Federal student-loan borrowers can get up to $10,000 in relief if they make less than $125,000 a year, or $250,000 for couples.
Who is eligible?
The income limit is applicable to gross adjusted income beginning in 2021 or 2020. People who received Pell Grants in college could get $20,000 forgiven.