Students current and former, of all generations and backgrounds, now stand to benefit from up to $20,000 in student loan debt forgiveness after President Biden’s plan for student loan forgiveness went live.
His administration has taken applications as of Oct. 14. Originally predicted by President Biden to take only a few weeks, the Department of Education claims that borrowers who can receive automatic debt forgiveness without an application may not receive relief until after Nov. 14.
Students can apply for debt forgiveness through the Federal Student Aid website. The Federal Aid website states that “[the] application is open, but debt discharge is paused.” As the Biden Administration faces legal opposition from a court order raised by six republican-led states, debt relief may continue to be postponed, but the website encourages borrowers to apply and gauge their eligibility.
Eligible borrowers must meet specific income requirements: single taxpayers making under $125,000 a year or couples making under $250,000 are eligible. Those who have received a Federal Pell Grant in college may receive up to $20,000, while those who have not may receive up to $10,000 in debt relief.
If you believe you may be eligible for student loan forgiveness, applications remain open and will until Dec. 31, 2023.