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The Minnesota Daily

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Student loan forgiveness program officially live

President Joe Biden announced the launch on Monday, Biden’s administration is estimating more than 40 million people will be eligible.
Image by Mary Ellen Ritter

President Joe Biden launched his student loan forgiveness program on Monday, according to reporting from NPR. Biden plans to cancel up to $20,000 in student loan debt for each student who qualifies. 

The plan is to cancel up to $10,000 in debt for people who make less than $125,000 annually. Those who received Pell Grants could receive up to $20,000. 

Applicants must have a federal student loan to qualify for relief. Graduate students and parents who borrowed federal PLUS loans may be eligible for relief if they meet income requirements. 

The application, which is open through Dec. 31, 2023, requires the loan borrower’s name, date of birth, social security number and is available in English and Spanish on mobile and desktop devices. 

Borrowers will not need to provide or upload any documents, including tax records. The application asks borrowers to check a box stating the information they have provided about themselves is accurate. 

Borrowers could expect debt relief within weeks of their application being processed. 

Last week, the administration published the beta application, which nearly 8 million people applied for with no reported technological issues, according to the White House.

Biden also announced an extension to the federal student loan payment pause through Dec. 31, with payments scheduled to begin in January.

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