The Department of Education has released a preview of the application form borrowers will need to fill out to apply for federal student loan debt relief.
The Biden debt forgiveness program will cancel $10,000 in student loan debt for individuals making less than $125,000 a year or households making less than $250,000. Pell grant recipients, who typically demonstrate more financial need, will be eligible for an additional $10,000.
The Biden administration on Wednesday announced a student loan debt relief plan that included several things such as up to $20,000 in debt relief for millions of American borrowers. Have more questions about student loans and Biden's decision? Insider Senior Economic Policy Reporter Ayelet Sheffey joins LX News to discuss.
The Biden administration used an act passed after the Sept. 11, 2001, terrorist attacks as legal justification for the program. The law gives the administration “sweeping authority” to reduce or eliminate student debt during times of national emergency, the Justice Department said in an August legal opinion. The administration cited the COVID-19 pandemic as its emergency.
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