President Joe Biden’s administration is trying to preview the form that will allow millions of Americans to apply for up to $20,000 in student loan forgiveness. Not everybody will be able to apply and this documnt is not available online just yet. Last Tuesday, the Department of Education gave citizens an early look at this form.
They also offered some details into what student debt holders will require in order to fill this application. What the Department of Education wants is to provide students with an easy-to-fill application that will facilitate this process for all of them. But there is a specific profile of citizens who have student loan debt and can apply for this program.
Who can fill the application?
In order to complete this application, you need to first determine if you are eligible for the Student Loan Forgiveness Program. The main criterion that determines if you are eligible or not is a person’s income. This debt forgiveness will be limited to people who earn less than $125,000 and married couples who earn less than $250,000 combined.
Pell grants are also a need-based program that awarded $27 billion to 6.3 million undergraduate students back in 2020. About 95% of all Pell Grant recipients came from families who earned less than $60,000. Meaning that pretty much all of them can also fill this form in order to apply for the program.
Basically, people who are in dire need of economic help and have student loan debt will be able to apply for the program. You only will need to fill the form that will be provided through all the official channels. The application will open later in the month of October, but officials didn’t specify the exact date when this is happening.