Page 11 - Florida Sentinel 10-21-22

For Your Information
President Biden Officially Launches Student Loan Debt Forgiveness Application
The Biden-Harris admin- istration officially launched the federal student loan debt for- giveness application on Mon- day (Oct. 17th) after initially testing a beta version over the weekend.
President Joe Biden de- livered remarks on Monday to give borrowers an update on the relief program application process, saying, “it’s easy, sim- ple and fast.”
On Oct. 14, the U. S. De- partment of Education released the application to the public and posted a message on the site that read, “We’re accepting applications to help us refine our processes ahead of the offi- cial form launch.”
To date, eight million peo- ple have submitted an applica- tion, and according to the president, no issues have been reported.
The application will expire
on Dec. 31, 2023. According to a report from the New York Times, the administration said in court filings that Oct. 23 would be the soonest that bor- rowers could begin to see their student debt canceled.
Borrowers are required to fill out their name, social secu- rity number, date of birth, phone number and email ad- dress. Borrowers must also promise to provide proof of in- come by March 31, 2024 or else they will become ineligible to qualify for federal student loan debt relief.
“If you earn less than $125,000 a year, you’ll get up to $10,000 knocked off of your student debt. If you earn less than $125,000 a year and you received the Pell Grant, you’ll get up to an additional $10,000 knocked off that debt. So $20,000 in relief,” Biden as- serted.
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