The application for President Joe Biden’s student loan forgiveness program is now open, and the administration says the forms should take five minutes to complete. Here’s how to apply, and everything else you need to know:
NEW YORK — President Joe Biden’s student loan forgiveness program. announced in August, will cancel up to $20,000 in debt per borrower. The application process is now open, and the administration says the forms should take five minutes to complete.
Be ready to type in some basic personal information. The form asks for: name, Social Security Number, date of birth, phone number and email address. It does not require documentation about your income or your student loans. Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic automatically will be put in good standing.Yes, federal student loans taken out to cover graduate degrees qualify for forgiveness.The interest itself is considered part of the balance for purposes of this program. Forgiveness will remove $10,000 from the total balance you owe.
Pell grants are special government scholarships for lower-income Americans, who currently can receive up to $6,895 annually for roughly six years. To find out if you have a Pell grant, check any emails you’ve received that describe your FAFSA award.About 43 million Americans have federal student debt, with an average balance of $37,667, according to federal data. A third of those owe less than $10,000. Half owe less than $20,000. The total amount of federal student debt is more than $1.6 trillion.
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