The U.S. Department of Education is now accepting applications for the Student Debt Relief for federal student loan borrowers. If you signed up to receive updates you have probably already received notification that the Biden-Harris student debt relief application has officially launched. You will have until December 31, 2023 to apply.
The plan calls for:
- Up to $20,000 to be forgiven if a borrower attended college on Pell Grants and
- Up to $10,000 to be forgiven if the borrower did not receive Pell Grants
To qualify:
- Individuals must have earned less than $125,000 in 2021 or 2020
- Married couples must have earned less than $250,000 in 2021 or 2020
The application is a short online form. You are not required to log in or submit any documents. The application will require you to give your Social Security number and confirm that you earned less than the income caps.
When you apply you will receive a confirmation email. The Department of Education will determine your eligibility and will contact you if they need more information. Your loan servicer will notify you when your relief has been processed.
For more detailed information, visit StudentAid.gov.
