WASHINGTON DC (WJON News) — The federal government has officially launched the Student Loan Debt Relief website.
Under the program, eligible student borrowers can get loan forgiveness of up to $20,000 for Federal Pell Grants and up to $10,000 for non-Pell Grant recipients. Eligible individuals must have earned less than $125,000 in 2021 or 2020, and families must have earned less than $250,000.
You can apply for loan forgiveness at any time until December 31, 2023.
The federal government will determine your eligibility and your loan officer will let you know when your relief has been processed.
President Joe Biden officially launched the application process for its student debt cancellation program. He announced on Monday that 8 million borrowers had already applied for loan relief during the federal government’s soft launch period over the weekend.
Biden encourages the tens of millions of people eligible for potential aid to visit studentaid.gov and tout the application form, which he says will take less than five minutes to complete. He says an early “beta launch” version of the online form released on Friday evening handled the first stream of applications “without issue or difficulty”.