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What you'll need to do to take advantage of Biden's student loan forgiveness program

Financial Wellness Student Loans
Posted at 1:02 PM, Oct 11, 2022
and last updated 2022-10-11 14:45:24-04

The Biden administration plans to have its student loan debt relief website live by the end of October.

According to the White House, the application period will be open after the website goes live until December 31, 2023.

The administration contends that the application will be "short and simple" and no supporting documents will be needed.

"Once you submit your form, FAFSA will review your application, determine your eligibility for debt relief, and work with your loan servicer to process your relief," the White House said in a tweet.

President Joe Biden announced in August that his administration will forgive up to $20,000 worth of student loan debt for borrowers who received Pell Grants.

People who didn't receive a Pell Grant are eligible for up to $10,000 in loan forgiveness.

The government will only cancel debt for individuals making less than $125,000 a year or married households making $250,000 annually.