President Joe Biden officially announced the opening of the online application to cancel federal student debt. Students can now apply online to waive off their federal student debt.
President announced the opening of the application form in a speech at the White House. Biden said that form is very simple and it takes less than five minutes to fill out the form. “It’s easy, simple and fast. And it’s a new day for millions of Americans all across our nation,” he said.
As per President’s commitments, loans of up to $10,000 for many borrowers who earned less than $125,000 in the 2020 or 2021 tax years will be cancelled. Pell Grant recipients will be offered a relief of up to $20,000.
The last date to apply for consideration of cancellation of the federal student debt is December 31, 2023. It is pertinent to mention here that student loan payments restart in January. There is very little time left for the borrowers who want to apply for adjustment of their balances. Borrowers who would like their balances adjusted before student loan payments restart in January should submit applications before Nov. 15.
The online application form is available at StudentAid.gov The student’s application form to cancel the federal student debt is available in English and Spanish. The form is accessible online both on desktop and on mobile devices.
Applicants will have to fill in their dates of birth, Social Security numbers and contact information. Applicants are not required to upload any documents.