HUNTINGTON, W.Va. (WSAZ) – President Joe Biden announced Monday the application process for his student debt cancellation program was available.
Individuals can visit studentaid.gov
The application takes less than five minutes to complete.
A beta lunch version of the application launched on Friday.
Caitlin White, assistant director of Compliance & Technical Projects in Marshall University’s Student Financial Assistance office, encourages all eligible students to take advantage of it.
“They took out those loans to earn the degree, and this is money that can go back towards them,” White said.
Biden’s plan calls for $10,000 in federal student debt cancellation for those with incomes below $125,000 a year, or households that make less than $250,000 a year. Those who received federal Pell Grants to attend college are eligible for an additional $10,000. The plan makes 20 million eligible to get their federal student debt erased entirely.
“It will go through the review process. If it’s eligible and approved, then they’re going to send it to the lender and remove it from your account,” White said.
Borrowers will be able to submit applications through the end of 2023.
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