Bringing relief to student’s life, President Joe Biden announced that loans or debt relief can be given to Americans up to $1000 for federal students and it can increase to $20000, in case they are attending college on Pell Grants. More than 8 billion borrowers have applied for the loan relief form. Details to be mentioned in the application are – the Borrower’s Name, Date of birth, and security number among other things. The application is available in both English and Spanish on mobile and desktop sites.
Biden’s student loan relief is a game changer for many students. Loans will be forgiven to those who earn less than $1,25,000. The official said roughly 95% of borrowers should meet those income thresholds, though it’s not clear how many the department will flag for additional income verification. The application is open through 31st December 2023.