Applications for Biden’s student loan forgiveness up to $10,000 are coming soon

• Applications for student loan relief up to $10,000 are on the way.
• You will be able to apply for the aid starting in October.
• It could wipe up to $10,000 off of student debt.

GOOD NEWS! Student loan forgiveness up to $10,000 approved by US President Joe Biden, is coming very soon and the time is drawing near for those who are interested to submit their applications for debt relief.

According to the United States Department of Education (DOE), the application to request relief from student debts will be available in early October, although they did not indicate a specific date. So, since we are already in October, those interested will have to keep their eyes open.

Biden’s student loan forgiveness up to $10,000 is coming soon

With this plan, which was announced in August, US authorities will free one million low- and middle-income people of those federal student loan debts that have accumulated from their years in college.

The relief could be huge: up to $10,000 of student loan debt will be forgiven for those who reported income of up to $125,000 a year in 2020 or 2021 and for married couples or heads of households who earned less than $250,000 a year.

How can you apply?

With President Joe Biden’s student debt relief application process expected to begin this week, it’s important that applicants are aware of the steps they need to take. In early September, Miguel Cardona, Secretary of Education, announced that people will have to follow “just three steps and they will be able to see student loan debt relief.”

“A simple application will launch by early October. Once completed, borrowers can expect relief within 4-6 weeks. Fill out application before November 15 to receive relief before payment pause ends,” reported the Secretary of Education.

Who qualifies?

Officials said that if a person with income within the established threshold also received a federal Pell grant while enrolled in college, then he or she is eligible for much larger debt relief, up to $20,000.

In addition to those who have applied for federal direct loans to pay for college tuition, those who obtained federal PLUS loans applied for by graduate students and parents also qualify. Everyone must meet the income threshold, La Opinion reported.

The deadline is November 15

“Once you submit your application, we will review it, determine your eligibility for debt relief, and work with your loan servicers to process your relief. We will contact you if we need additional information from you,” the department said in an email to borrowers last week.

Attention: The online application will be short and applicants will not need to upload any supporting documents or use their Federal Student Aid ID, the Department of Education said. They will have until November 15 to apply.