WASHINGTON — President Joe Biden announced Monday Online application Federal student loan cancellation.
Format – can be found in StudentAid.gov — is available in English and Spanish, and is accessible on mobile and desktop devices. The form asks for people’s dates of birth, social security numbers, and contact information. Candidates are not required to upload any documents.
In a speech at the White House, Biden said it takes less than five minutes to fill out the form. “It’s easy, simple and fast. It’s a new day for millions of Americans across our country,” he said.
Application will be open till December 31, 2023. Borrowers who want to adjust their balances before resuming student loan payments in January must submit applications by Nov. 15, the White House said.
The Biden administration was inaugurated Beta version of the app Last week the education department had any problems. Standing with the president on Monday, Education Secretary Miguel Cardona said 8 million people have already applied.
“It took an incredible amount of effort to complete this website in such a short amount of time,” Biden thanked Cardona.
After months of promising action on student loans, Biden announced In August, he announced a waiver of up to $10,000 for many borrowers who earned less than $125,000 in the 2020 or 2021 tax years. Pell Grant recipients are eligible for up to $20,000 in relief.
While debt relief advocates have celebrated the move, some have criticized it Management Plan, Especially the short window of time between when the site opens and when the next round of payments is made. The White House downplayed the criticism.
The Biden administration faces several legal challenges to the plan, which threaten to delay or derail it.
Asked on Monday if he was worried that lawsuits might be on the way, Biden said: “Our legal ruling is that it won’t happen, but they’re trying to prevent it.”
Correction (Oct. 17, 2022, 6:57 p.m. ET): An earlier version of this article misstated the deadline for applying for student loan debt relief. It’s December 31, 2023, not the end of the year.
