Tens of millions of Americans can now apply for student loan forgiveness after the U.S. Department of Education launched its application.
During the testing of the site, the Department of Education offered on and off access to the form. The windows were open when the portal was open.
According to President Joe Biden, more than 8 million people applied for relief over the weekend.
Millions of working class people can apply to get relief according to Biden.
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The president announced in August that most federal student loan borrowers will be eligible for some forgiveness, up to $10,000 if they didn't get a Pell Grant, and up to $20,000 if they did.
More than 40 million Americans are in debt for their education, with a cumulative debt of over $1 billion. The amount of student debt has gone up due to high education costs and stagnant wages.
Problems with the federal student loan system plagued the U.S. economy during one of its healthiest periods in history. Mark Kantrowitz estimated that only half of borrowers were in repayment in 2019.
More than 10 million people were in some form of default or delinquency, and a quarter applied for relief from their loans. Comparisons were made to the 2008 mortgage crisis.
There are a growing number of legal challenges brought by Republicans against the president's plan.
Republican members of Congress and Republican governors are trying to deny relief to their own people. Their outrage is not right.
borrowers need to know what to apply for
You have to give your Social Security number as well as your full name.
The Social Security card you were issued has your number on it if you don't memorize them. You can replace your card at the Social Security Administration website.
If the Education Department follows up with an additional request, you don't have to show proof of income to apply for forgiveness.
More than 90 percent of federal student loan borrowers fall under the income caps for relief, but the department will verify a certain number of borrowers have told the truth about their eligibility.
The application for forgiveness doesn't ask if you got a grant There is no reason to be concerned. The education department has that information.
The email confirmation from the Education Department will be sent to the borrowers after they apply for forgiveness.
The application will be reviewed by the department. Some borrowers may get a request from the department for more information.
You will get an email from the department when your request is approved. When the forgiveness has been applied to your account, you will hear from your servicer.
The Education Department should have the most recent contact information for you. At StudentAid.gov, you can do that.
There is a toll-free hotline for borrowers who have questions.
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