October 6, 2022 2:00am EDT
Student loan relief applications arriving soon: What you need to know
Biden's student loan plan faces onslaught of lawsuits as borrowers await details
By Megan Henney FOXBusiness
President Biden's plan to wipe out as much as $20,000 in federal student loan debt per borrower will require millions of Americans to submit an application that could be available as soon as this week.
The White House has said that the application would open sometime in October and be short and online.
It is unclear exactly when the form will go live. White House press secretary Karine Jean-Pierre said this week that "no date has been set," but she confirmed that it's still slated for release this month.
Biden's executive order cancels $10,000 in student loan debt for individual borrowers who earned less than $125,000 in either 2020 or 2021 (or married couples who made less than $250,000 annually in those same years). If a qualifying borrower also received a Pell grant while enrolled in school, they are eligible for up to $20,000 in debt forgiveness.
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https://www.foxbusiness.com/personal-finance/student-loan-relief-applications-arriving-soon-what-you-need-know
