Los Angeles, CA — President Joe Biden announced Monday that applications for the one-time student loan forgiveness debt relief are now being accepted.
Borrowers who qualify should visit the Federal Student Aid website to fill out the five-minute online form to receive up to $20,000 in federal student debt cancellation. The form, available in English and Spanish, is simple asking for an individuals’ date of birth, Social Security number and contact information. In addition, no uploads are required.
Borrowers must apply by Dec. 31.
Loans will be forgiven in the amount of $10,000 for people who make under $125,000. Recipients of Pell Grants will have up to $20,000 forgiven. This will affect over 40 million borrowers in the United States.
Last month, The Biden administration quietly updated its guidelines for its student debt relief plan saying those with private loans will no longer qualify for forgiveness. The change comes as six Republican-led states sued the president claiming he has no right to unilaterally forgive student debt.