Millions of Americans can now take the first step toward debt forgiveness on federal student loans between $10,000 and $20,000.
The application is described as "simple and easy to use" on the website of the United States Department of Education (ED).
Federal student loan debt can be forgiven for borrowers with incomes below $125,000 and married couples with incomes below $250,000.
If they meet the income requirements, Pell grant recipients are eligible for an additional $10,000 in loan cancellation, for a total of $20,000 in loan forgiveness
While Biden’s plan to forgive student loan debt was applauded by those with outstanding loans, it faced immediate opposition from political opponents.
Faced with mounting legal challenges, the Biden administration rescinded debt cancellation for hundreds of thousands of borrowers in secret.
Perkins and FFEL borrowers with private lenders are no longer eligible for loan cancellation if they did not consolidate by September 29.
The White House continues to estimate that approximately 43 million federal student loan borrowers are eligible for loan forgiveness;
The Department of Education only has income information for 8 million federal student loan borrowers and recommends every borrower apply, including those who may qualify automatically.
Now that the application is available, keep in mind the following dates and information regarding student loan forgiveness: