After weeks of waiting, student borrowers can now to apply for President Biden’s program to receive up to $20,000 in debt forgiveness.
The application for student loan forgiveness is official. 6 things to know.
Biden officially launched the app on Monday after the Department of Education opened the form over the weekend as part of a beta test, hoping to find and fix any issues on the site. Eight million people have applied so far, the president said. He estimates the White House has received some 10,000 letters from borrowers praising one of its flagship economic policies.
“My commitment was that if elected president, I was going to make the government work for the people. This deployment delivers on that commitment,” Biden said. during a press conference. “Just as I stand by my commitment to student debt relief as borrowers recover from this pandemic-driven economic crisis that only happens once in a lifetime.”
Biden’s plan is to forgive up to $10,000 in federal student loan debt for people earning less than $125,000 a year, or less than $250,000 for married couples. Those who received Pell Grants, federal aid for low-income students, could see up to $20,000 forgiven.
The policy ushered in a series of lawsuits from conservative groups and Republican-led states alleging the president overstepped his authority with a mass dismissal. Biden rigorously defended the debt relief policy on Monday. “Republican members of Congress, Republican governors are trying to do everything they can to deny this relief even to their own constituents,” Biden said. “As soon as I announced my student debt plan, they started attacking it. Their indignation is wrong, and it is hypocritical.
Here’s what you need to know about the application process.