Biden Administration Launches Student Loan Forgiveness Applications
Written by SOURCE on October 15, 2022
The Biden administration on Friday launched a beta version of its student loan forgiveness application process, allowing borrowers to sign up online before the official website is unveiled later this month.
The application, which is available here, is the first step in Biden’s program to cancel student debt for tens of millions of Americans.
“This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch,” an Education Department spokesperson said.
The Education Department urges borrowers to apply by Nov. 15, and said that those who sign up by October could have the majority of their debt wiped out as soon as November.
Back in August, Biden announced plans to forgive $10,000 in student loan debt for millions of borrowers who make $125,000 a year or less. Borrowers who received a Pell grant will qualify to get an additional $10,000 forgiven.
“In keeping with my campaign promise, my administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden tweeted when announcing his administration’s plan.
