It was back in 2020 when students who borrowed money from the U.S Government asked Biden to cancel or forgive their loans, which seems to have taken impact earlier this Monday, when the President of the USA, Joe Biden, formally announced the applications going live.
The U.S Department of Education initially launched a beta version of the program, which garnered positive feedback from the users, essentially students, and acted as a green signal for the final version to land now.
The final call of the student loan forgiveness application program was a relief in disguise for up to 43 million students, owing the government a collective debt of over $1.7 trillion.
A statement from Biden scales a margin of loan forgiveness, reading as the students who were the recipients of pell grants would have a $20,000 cancellation to their loans. And the students who make less than $125,000 or didn’t receive a pell grant would have a $10,000 concession for their student loan forgiveness application.
What does the student loan forgiveness application ask of the student?
Students planning to fill out the student loan forgiveness application should stay equipped with their full names, phone numbers, email addresses, date of birth, social security numbers, and proof of income if followed up directly by the Department of Education.Successful students will receive a confirmation email from the Education Department. The email will enlighten the students on further steps to proceed with their application at Studentaid.gov, the platform from which the U.S Department of Education is accepting student loan forgiveness applications.