Biden’s Student Loan Forgiveness:
When To Apply?
The application for President Joe Biden's student loan forgiveness programme is expected to be available this week.
The plan, which was announced in late August, will provide federal student loan forgiveness to millions of low- and middle-income students.
Individuals earning less than $125,000 in 2020 or 2021 and married couples or heads of households earning less than $250,000 will have up to $10,000 of student loan debt forgiven.
If a qualifying borrower additionally obtained a federal Pell grant while in college, the individual is eligible for debt forgiveness of up to $20,000 per year.
If the individual meets the income requirements, federal PLUS loans borrowed by graduate students and parents may also be eligible.
The application has not yet been released, but the Biden administration has stated that it would be available in October.
The online application will be quick, according to the Department of Education. Borrowers won't need to upload supporting documentation or utilise their Federal Student Aid ID to apply.
Borrowers will have more than a year to submit their applications. The deadline will be in the month of December 2023.
In a report issued last week, the impartial Congressional Budget Office estimated that student debt cancellation might cost $400 billion.
The Department of Education is warning borrowers about student loan forgiveness scams that seek for cash in exchange for debt relief assistance.