White House Says Student Loan Forgiveness Application Coming in October
They are expected to receive forgiveness in four to six weeks
The White House said Friday that student loan borrowers will be able to apply for debt cancellation this fall and receive relief within four to six weeks.
Speaking to reporters, White House National Economic Council deputy director Bharat Ramamurti said the Education Department will release the application for President Biden's loan forgiveness program in early October. After making successful applications, borrowers should expect to have their loan balances reduced or in some cases fully erased in a month or so.
The announcement arrives days after Biden said he would cancel up to $10,000 in federal student loan debt for borrowers who earn less than $125,000 per year, or less than $250,000 for married couples. Those who received Pell Grants, federal aid for lower-income students, could see up to $20,000 in forgiveness.
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