It’s spooky season, but student loans just got a little less scary. The federal government is now accepting applications for student loan debt relief for up to $20,000 for those with a Federal Pell Grant and up to $10,000 for those with other types of federal student loans.
On Monday, President Joe Biden tweeted on his personal account, “We’re bringing relief to millions of borrowers who need it most. The application to apply for student debt relief is now open. Apply today: StudentAid.gov/DebtRelief”
On the official @POTUS account Biden tweeted:
“Folks, apply for student loan debt relief today.
No special log-in.
It’s available in English and Spanish – and on desktop and mobile.
And it’ll take you less than 5 minutes.
To apply, borrowers need to provide their first and last name, social security number, date of birth, phone number and email. That’s it. After submitting the information, a confirmation email is sent to the applicant’s inbox.
The email explains the next steps in the process, which includes processing of the application, what additional information may be needed, how applicants will be updated and a link to more information about the debt relief program.
Student loan borrowers can apply for debt relief now until Dec. 31, 2023. Borrowers with new loans dispersed on or after July 1, 2022, are not eligible for relief.
Borrowers with eligible student loan debt qualify for relief if they were single or married but filed taxes separately and made less than $125,000 in 2020 or 2021. Those who were a qualifying widow, head of household or married and filed taxes jointly qualify if they made under $250,000 in 2020 or 2021.
According to another tweet by Biden, more than 40 million Americans can benefit from student loan debt relief and about 20 million could have their debt cancelled completely.
To learn more, visit studentaid.gov or watch the president’s short video on the tweet posted below.