- The US launches a website to apply for student loan debt relief up to $20,000.
- Millions of Americans could qualify for loan forgiveness.
- The Biden administration is accepting applications for the program.
The US launches a website for people to request student loan debt relief up to $20,000. The program was initiated by President Biden, whose goal is to help millions of Americans pay off their student loans.
This Monday, October 17, the President of the United States, Joe Biden, formally opened the enrollment process for his student loan forgiveness program and invited the millions of Americans who could qualify for the aid to visit StudentAid.gov.
US launches website for Biden’s student loan debt relief
According to President Biden, on Friday the government launched a beta version of the online application that turned out to be a complete success. Eight million debtors took advantage of the trial period this weekend to submit their request for student loan forgiveness.
Filling out the application form for student debt forgiveness takes applicants less than five minutes and this first wave of requests reached the authorities «without any failure or difficulty,» said the president. In addition, the portal is available in Spanish.
Millions could receive loan forgiveness of up to $20,000
At a press conference, accompanied by Secretary of Education Miguel Cardona, President Biden affirmed «that more than 8 million Americans have already taken the first step to receive help capable of changing their lives» and that this program would mean a «radical change” for those citizens who have to deal with the debts they amassed to pay for their higher education.
“Looking for student loan debt forgiveness? The Biden-Harris Administration is providing up to $20,000 in student loan debt forgiveness to eligible borrowers,” says StudentAid.gov, where they warn that people should hurry to apply before the end of 2023.
What’s the deadline to apply for student loan forgiveness?
To fill out the application, debtors do not need to submit any documents. “Submit your application today (no later than December 31, 2023)”, says the website, where they also explain that it takes about five minutes to complete the form and that “it is not necessary to log in or submit documents”.
According to officials, the number of requests they received during the trial period already exceeds a quarter of the total number of applicants they expected, The Associated Press reported. The program appears to be very popular with people hoping to receive assistance paying off their student loans.
Who qualifies for debt relief?
Through the student debt forgiveness program, officials in the United States hope to cancel $10,000 of federal loan debt to individuals earning less than $125,000 annually or families earning less than $250,000 annually.
“My commitment was that if I were to be elected president, I would make the government work to deliver for the people. This rollout keeps that commitment,” said President Biden, who had promised during his presidential campaign that he would pay off student debt on a large scale and, although it took a few months longer than anticipated, the program is already underway.