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Student Loan Relief Website Launched By The White House In Beta

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Student Loan Relief Website Launched By The White House In Beta

(CTN News ) – On Friday night, the Biden administration launched the official beta version of its student loan forgiveness program, the first step in relieving millions of Americans from student debt.

Big picture: Biden’s student loan forgiveness plan has been challenged in court as well as criticized by Republicans and some Democrats in battleground states.

Online application for student loan forgiveness

The Biden administration’s forgiveness application has been launched, allowing borrowers to apply for relief through a simple application process.

  • “We are accepting applications to help us refine our processes ahead of the launch of the official application form. If you submit an application, it will be processed, and you will not need to resubmit,” states the website.

The borrower may apply without attaching any proof or documentation that they qualify for debt relief.

  • As part of the simple application, the borrower must provide personal information, such as their name, social security number, email address, phone number, etc.

  • Forgiveness is available to individuals earning less than $125,000 per year, as well as married couples earning less than $250,000.

  • According to the plan, holders of Pell Grants could have up to $20,000 of their student debt eliminated, while individuals could have up to $10,000 of their student debt canceled.

  • Miguel Cardona, secretary of education, said borrowers can expect relief within four to six weeks.

What is the expected date of payment for student loan debt relief

The deadline for debt forgiveness is the end of the year. Previously, the White House announced that the application would be available from October 2022 to December 2023.

  • It is important that applicants submit their applications by November 15th in order to receive forgiveness before the student loan payment pause ends, according to ABC News.

  • Due to the fact that the payment pause will cease on Dec. 31, this will be the final deadline to apply for student loan forgiveness.

  • Regular student loan payments will resume on January 1, 2023.

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