By Raymond AlQaisi, Senior Manager of Policy and Advocacy
Reading time: One minute
Update as of October 17, 2022: The application for federal student loan debt relief is now open! FSA has begun accepting applications. Borrowers can submit an application
via Federal Student Aid.
In August, the Biden-Harris Administration made news by announcing that it will cancel up to $10,000 in federal student loan debt for borrowers, and up to $20,000 in relief for borrowers who received a Pell Grant while in school.
The debt relief will be targeted.
Borrowers are eligible for student loan debt relief if their annual federal income was below $125,000 (individual or married, filing separately) or $250,000 (married, filing jointly or head of household) in either 2020 or 2021.
This week,
the Biden-Harris Administration previewed the student debt relief application form and it is expected to launch this month. Here’s what you need to know about the application:
The application will be short, simple, and only available via a “.gov” URL.
There will be no log in process, or immediate need to provide documents, to apply. Federal Student Aid will reach out directly to borrowers if an application requires supporting information.
The application can be completed on both mobile and desktop devices.
The application will be available in both English and Spanish.
Applications will be accepted through December 31, 2023.
NCAN will keep members updated on the debt relief program, and is hosting a webinar on Wednesday, October 19 at 2 PM ET, to answer questions that members may have. Please see NCAN Events for more details and to register.
For additional information, please check Federal Student Aid’s webpage about the one-time federal student loan debt relief.
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