For many students, the burden of loans weighs heavy on their shoulders as they
matriculate through their institution.
On Monday, the one-time loan debt relief application opened up, giving 40 million
Americans a sigh of relief.
Offered through the federal Department of Education under the Biden administration, it
will allow tens of millions to apply for up to $20,000 to cover balances from student
loans to parent PLUS loans.
In order to be eligible for the debt relief, former and current students must meet at least
one of the requirements.
Eligibility is based on taxing file status and your 2020 or 2021 income. Don’t worry, you
can also apply and be eligible if you are a dependent under your parents or under a
guardian. Persons who have received a federal Pell grant can receive up to $20,000
and $10,000 in debt relief if they did not receive a Pell grant.
This student loan forgiveness is a prayer answered for millions around the country. The
forgiveness only applies to applicants who have loan balances before June 30, 2022.
Anything after this date will not be eligible to be covered.
When the debt relief has been heavily debated, if it is the right thing to do, according to
students at Florida A&M University.
Jada Henderson, a fourth-year public relations major, believe that it is necessary to help
give her generation a head start without being in debt.
“College is something that is needed for a lot of careers and I feel like it is unnecessary
to have to pay anything back when they tell us that having a higher education is
beneficial,” Henderson said. “I think it would benefit not only young adults and help them
thrive after college but I believe it will assist the economy.”
Applications for loan forgiveness take approximately five minutes to complete on the
federal aid website. The application asks for basic identification questions and for
applicants to certify their income. According to the Department of Education, the earliest
date to receive debt relief is Oct. 23.
Students can apply for the one-time debt relief at Federal Student Aid. The last day to
apply is Dec. 31, 2023.
Loan repayments will start again after s three-year break in January 2023.