Go to studentaid.gov and in the section on student loan debt relief, click 'Apply Now.'
President Joe Biden on Monday officially launched the application for student loan relief, after the test version of the site went live this weekend.President Joe Biden's student loan forgiveness program. announced in August, will cancel up to $20,000 in debt per borrower. The application process is now open, and the administration says the forms should take five minutes to complete.
Be ready to type in some basic personal information. The form asks for: name, Social Security Number, date of birth, phone number and email address. It does not require documentation about your income or your student loans. Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic automatically will be put in good standing.Yes, federal student loans taken out to cover graduate degrees qualify for forgiveness.The interest itself is considered part of the balance for purposes of this program. Forgiveness will remove $10,000 from the total balance you owe.
Nearly every Pell Grant recipient came from a family that made less than $60,000 a year, according to the Department of Education, which said Pell grant recipients typically experience more challenges repaying their debt than other borrowers. For example, under the proposal, a single borrower making $38,000 a year would pay $31 a month, according a government press release.
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