President Joe Biden announced on Monday, October 17, that federal student loan borrowers can now apply online for forgiveness of up to $20,000 of their debt.
“This is a game changer for millions of Americans… and it took an incredible effort to get this website up in such a short time,” Biden said.
People wishing to apply for student debt relief can fill out the form at www.StudentAid.gov. Borrowers have until December 31, 2023, to submit their application.
In August, Biden announced the decision to cancel up to $10,000 in student loan debt for individuals earning less than $125,000 per year or up to $20,000 for eligible borrowers who are recipients of the Pell Grant.
Learn more: Biden Administration cancels $10,000 in student loans.
The plan is expected to provide debt relief for up to 43 million borrowers.