The Biden administration is gearing up to release the application for its student loan forgiveness program, which has faced a slew of lawsuits from GOP-led states.
Heritage Foundation research fellow Joel Griffith discusses how the White House is scaling back on its massive student loan handout over legal challenges on"Fox Business Tonight."
President Biden's plan to wipe out as much as $20,000 in federal student loan debt per borrower will require millions of Americans to submit an application that could be available as soon as this week. The White House has said that the application would open sometime in October and be short and online.
It is unclear exactly when the form will go live. White House press secretary Karine Jean-Pierre said this week that "no date has been set," but she confirmed that it's still slated for release this month.cancels $10,000 in student loan debt for individual borrowers who earned less than $125,000 in either 2020 or 2021 . If a qualifying borrower also received a Pell grant while enrolled in school, they are eligible for up to $20,000 in debt forgiveness.
"Once you submit your application, we’ll review it, determine your eligibility for debt relief and work with your loan servicer to process your relief," the department said in a recent email to borrowers. "We’ll contact you if we need any additional information from you."President Joe Biden speaks about student loan debt forgiveness at the White House on Aug. 24, 2022.
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