If you're eligible, you can apply for student debt relief now.
If you're one of the millions of Americans with student loan debt, we've got some "game-changing" news for you. The Biden Administration on Monday announced the official launch of the federal application for student loan forgiveness.
“This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time,” Biden said in a speech at the White House.
If you want to apply for student debt relief, you can do so now at studentaid.gov. Applications can be submitted no later than December 31, 2023. The U.S. Department of Education will then verify your eligibility and contact you should they need more information. From there, your loan servicer will notify you when your relief has been processed.
On Friday, a beta version of the application launched. Biden said 8 million Americans used the website over the weekend to fill out their applications.
This effort could relieve $10,000 in student loan debt for individuals making less than $125,000 a year or as much as $20,000 for eligible borrowers who were also Pell Grant recipients. Wondering if you qualify? Here's a breakdown:
- Individuals who made less than $125,000 in 2021 or 2020
- Families that made less than $250,000 in 2021 or 2020