President Joe Biden announced in an update that the federal student loan forgiveness application process was officially registered on Monday.
“It took less than five minutes” to fill out, Biden said in his remarks. “This is a game changer for millions of Americans. Let’s move. “
The test version of the app was launched on Friday night and is available continuously over the weekend. Borrowers have surprisingly satisfied with the beta app above all, tell Luck it is very simple to use and requires no documents or other uploads that can slow down the process. More than 8 million people have signed up using the beta app, according to US Education Secretary Miguel Cardona, who was at the meeting with Biden. Applicants will not need to reapply.
Applicants for a forgivable student loan of up to $20,000 can apply at StudentAid.gov, website for Federal Student Aid. Borrowers earning less than $125,000 (or $250,000 for couples) in 2020 or 2021 and receiving the Pell Grant while in school can receive up to $20,000 in cancellations; Others who meet those income limits can receive up to $10,000.
Forgiveness will be granted on a rotating basis. Previously, the administration estimated it would take six weeks for applications to be processed.
But it could take longer than that, especially with the legal challenges still ongoing. Multiple lawsuits from conservative and liberal groups has been filed and has delayed the forgiveness process. Initially, the Department of Education said the app would be available “early” October. Even with the launch of the app, the Department of Education promised the federal court that no debt would actually be canceled before October 23, 2022.
“Litigation is underway. I don’t think, our legal judgment is that it won’t [stop it]”, Biden said during the briefing.
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