President Joe Biden on Monday officially kicked off the application process for his student debt cancellation program and announced that 8 million borrowers had already applied for loan relief during the federal government’s soft launch period over the weekend.
and touted the application form that the president said would take less than five minutes to complete. An early, “beta launch” version of the online form released late Friday handled the early stream of applications “without a glitch or any difficulty,” Biden said.
Biden’s plan calls for $10,000 in federal student debt cancellation for those with incomes below $125,000 a year, or households that make less than $250,000 a year. Those who received federal Pell Grants to attend college are eligible for an additional $10,000. The plan makes 20 million eligible to get their federal student debt erased entirely.
“Their outrage is wrong and it’s hypocritical,” Biden said. “I will never apologize for helping working Americans and middle class people as they recover from the pandemic. That information will be checked against Education Department records to help identify applicants who are likely to exceed the income limits, the administration says. Those people will be asked for more information to prove their incomes.
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