On Monday (October 17), the Biden administration officially opened the website where borrowers can apply to have a portion of their student loan debt forgiven.
Individuals earning less than $125,000 are eligible to have $10,000 of their student loans forgiven. In addition, those who received Pell Grants can have $20,000 of their loans wiped out.
Borrowers can go to Studentaid.gov to fill out the application. It takes about five minutes, and you will need to provide your name, Social Security number, date of birth, phone number, email address, and proof that you meet the income requirements.
"Today marks a big step among others that my administration is taking to make education a ticket to the middle class," Biden said in a speech at the White House. "A new student loan application is now open. If you have federal student debt, please visit student aid.gov. It's easy, simple, and fast. And it's a new day for millions of Americans all across our nation."
Secretary of Education Miguel Cardona said that eight million people had already applied since Friday, when officials launched a beta version of the site.
The student loan forgiveness plan faces two lawsuits over its legality, including one filed by six Republican states.