Good news has come after a long wait. US President Joe Biden announced Monday that American student loan forgiveness of upto $10,000 program and as high as $20,000 under the Pell Grant scheme.
But here are the questions and answers that you probably want to know about US Student Loan Forgiveness:
Eligibility criteria:
The program is eligible for individuals or married who earn lesser than $125,000 or $ 250,000. The higher cancellation will be upto $20,000 who have the Pell Grant.
The applicant will qualify if they have Undergraduate, graduate, and Parent Plus loans under the Education Department.
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Required information:
Applicants must submit their correct name, date of birth, phone number, email address, and social security number and attach income proof to match existing loan records; submitting faulty documentation is subject to a penalty.
Application process:
The Biden government faces several lawsuits to implement the Student Loan Forgiveness policy, and President Biden launched the beta version website for the applicant on Friday. Once the eligible applicant applies, the procedure will take four to six weeks to gran the loan relief.
Application last date:
The education department mentioned the dateline to fill out the application before December 31, 2022; however, the department preferred to fill the application by November 15 to process the form before pausing the relief policy.
Apply Now:
To initiate the application, visit https://studentaid.gov/debt-relief/application.