Biden’s student loan forgiveness plan: When does it start, who qualifies and how to apply?
It was announced last August that a plan for accessing the student debt forgiveness plan would come in October. This is yet to have happened but CNN reports that the application plan is due out very, very soon, so you should keep switched on to the news or be aware of updates on the Federal Student Aid website as the details will be released there first.
Pell Grant recipients and non-grantees will be able to cut $20,000 and $10,000 in student loan debt, respectively, so long as they make under $125,000 a year (250,000 for married couples). Of those surveyed in a Data for Progress poll in August, 29 percent of students had less than $10,000 in debt, highlighting the large impact President Biden’s decision will have on millions of borrowers.
Read our full coverage for more details on President Biden’s plan to cancel some student loan debt.