Loan holders can receive up to $20,000 if they received a Pell Grant in college or up to $10,000 if they have other federal loans, as long as they meet income requirements - under $125,000 for individuals or under $250,000 for married couples.
In his announcement, Biden said the Beta version received applications from 8 million people from Friday to Sunday.
“Today, I’m announcing millions of people working and middle-class folks can apply and get this relief. And it’s simple and it’s now. It’s easy,” Biden said. “This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.” Loan holders can receive up to $20,000 if they received a Pell Grant in college or up to $10,000 if they have other federal loans, as long as they meet income requirements - under $125,000 for individuals or under $250,000 for married couples in either 2020 or 2021.
Borrowers are encouraged to apply before Nov. 15 to have forgiveness applied before the freeze on student loan payments and interest restarts Jan. 1, 2023.
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