WASHINGTON — The Biden administration on Friday night released their first version of the student loan forgiveness application.
Click here for the government's debt relief website
In August, President Joe Biden announced the long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
The proposal prompted a lawsuit filed in September by Kansas, Nebraska, Missouri, Arkansas, Iowa and South Carolina. Other lawsuits followed, including one filed by the Job Creators Network Foundation alleging that the administration violated federal procedures by failing to seek public input on the program.