Reagan Reese on August 29, 2022
The Biden administration says claiming relief for student loans will be as “easy as 1,2,3,” according to a tweet.
The Department of Education (DOE) announced its student loan forgiveness plan, which will cancel $10,000 of debt for those making less than $125,000 per year, on Aug. 24. The application for the student loan forgiveness will open in October and take three steps, according to a tweet by Education Secretary Miguel Cardona.
A “simple application” is set to open to those applying for student loan forgiveness no later than early October, Cardona stated. After completing the application, borrowers will be relieved of their student debt in four to six weeks.
To be notified of when the application opens up, Cardona advised borrowers to visit the Federal Student Aid website powered by the DOE.
While borrowers have until Dec. 31 to apply for student loan forgiveness, borrowers should apply before Nov. 15 in order to get relief before the payment pause ends, Cardona said. The student loan repayment pause, which was implemented because of the pandemic, extends until the end of the year.
Pell Grant recipients are eligible for up to $20,000 in student loan forgiveness under the plan by the Biden administration, according to the DOE. Those working for nonprofits, as well as the military, federal, state or local government may also be waived of their debt through the Public Service Loan Forgiveness program.
The DOE did not immediately respond to the Daily Caller News Foundation’s request for comment.
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