On Oct. 17, President Joe Biden announced the formal launch of the federal application for Americans seeking student loan forgiveness, as the plan is expected to provide debt relief for as many as 43 million borrowers.
The U.S. Secretary of Education, Miguel Cardona, spoke with rolling out to discuss the process, when people will be approved, and where to find the application.
What should people know about the application?
Forty-two percent of Black borrowers are going to have their loans totally cancelled if they apply for this. It’s a simple process, no more than five minutes on your phone and your laptop. You don’t need to upload any information. We take it from there, and you’ll know within half a second when your application was submitted, and then we’ll send you emails giving you updates on where it is. People could get up to $20,000 in debt relief if they qualify, meaning they make less than $125,000 a year, or $250,000 for a couple. The president ran on making sure we’re fixing the higher education system but also addressing the pandemic. In this case, we’re helping folks recover a bit from the pandemic, much like we did small businesses last year. I’m really excited about it. It was a big day for education when the president made that announcement.
When will people know that their application has been approved?
We’re encouraging folks to apply as soon as possible. The goal is to have it done before the loan payments restart because if people have a loan balance of under $20,000, and they get $20,000 in relief, or up to $20,000 in relief, then they don’t have to worry about that. That’s our goal to get that done. That’s why it’s important that people just fill it out. If they do it before Nov. 15, we have a pretty strong expectation that it’s going to get done by Jan. 1, 2023. Look, if you can find five minutes this week in your schedule, to go from social media to our page, and just knock it out, you could be eligible for debt relief.
Where can people find the application?
You can find the application on www.studentaid.gov. You could do it in five minutes with one hand with your phone. Get it done. Let us help relieve some debt. We’re delivering for hardworking people and don’t forget that this administration is fighting for you.
