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Forgiveness Of Student Loans Has Officially Begun

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Forgiveness Of Student Loans Has Officially Begun

(CTN News) – On October 17, President Joe Biden announced that the federal application process for forgiveness of student loans had opened.

Earlier this year, Biden announced his initial decision to cancel up to $10,000 in student loan debt for those who earn less than $125,000 a year.

This is as much as $20,000 for borrowers who receive Pell Grants. Couples and heads of household who made less than $250,000 in 2020 or 2021 may also qualify for up to $10,000 in tax forgiveness. Loan forgiveness thresholds are based on adjusted gross income.

Today, I am announcing that millions of working and middle-class people will be able to apply and receive this relief. It is simple and it is available now.

The process is simple,” Biden stated. It is a game changer for millions of Americans.”

At Studentaid.gov, you can fill out the application for loan forgiveness in English and Spanish.

A few minutes are required to complete the application, which requires the applicant to provide their full name, date of birth, Social Security number, email address, and telephone number.

Applicants must have taken out Federal Direct student loans  in order to pay for an undergraduate degree.

According to the income requirements, graduate students and parents who take out Federal Plus student loans may also be eligible for loan forgiveness. In order to qualify for student loan forgiveness, the application must be submitted before December 31, 2023.

“We will ensure that the system continues to run smoothly as millions of Americans fill out applications, so that we can provide student loan relief to millions of Americans as quickly and efficiently as possible,” Biden stated.

According to, the Department of Education is facing lawsuits challenging the forgiveness of student loans. A U.S. district judge may temporarily halt the implementation of the program.

In the event that the policy is blocked,student loans cancellation could be placed on hold until the judge issues a final ruling. For now, however, loan applicants are still able to submit their applications.

Following the successful submission of the application, you will receive an email from the U.S. Department of Education confirming receipt of your application.

As soon as the application has been submitted, it will be processed and updates will be sent throughout the process.

According to Miguel Cardona, Secretary of Education, more than eight million people have already applied for student loan forgiveness.

How do student loans affect your credit score?

The biggest relationship between student loans and credit scores involves whether you’re making your payments on time and in full.

Payment history accounts for 35% of your FICO score — the most of any factor. Just one late payment can cause your credit score to drop.

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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