NOW OPEN: You can fill out an application for student debt relief ahead of the program’s official launch, according to the Federal Student Aid website.
According to the Department of Education, by submitting an application early, it will still be processed. You won’t need to reapply when the program officially opens.was announced by President Joe Biden in August, and is expected to bring debt relief to millions of borrowers.
Relief from student loans will be capped at the amount of each person’s outstanding debt. If you owe $15,000 and qualify for $20,000 in relief — your loans will be forgiven but you will not receive $5,000 in credit for loan balances you’ve already paid.
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