It’s finally happening: This Monday, President Joe Biden officially launched the student loan debt forgiveness application, following a test version of the site that went live over the weekend.
As we previously reported, the Biden administration opened a beta version of the application last week to allow the Education Department to work out any technical issues.
Those who applied for the debt relief in the beta period received a confirmation email. It applications were not being processed until the site formally launched. A spokesperson for the Department of Education explained at the time, “Those borrowers will not need to reapply if they submit their application during the beta test, but no applications will be processed until the site officially launches later this month. This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch,” the spokesperson said.
Feel folks didn’t have to wait that long as the official website went live today. While making the big announcement today, Biden said, “Today marks a big step among others that my administration is taking to make education a ticket to the middle class. 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.”
He also said in a speech at the White House,
“This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.”
Standing with the president today, Education Secretary Miguel Cardona said 8 million people had already applied. “It took an incredible amount of effort to get this website done in such a short time,” Biden said, thanking Cardona.
RELATED: Student Loan Forgiveness Applications Now Open Through Beta Mode Website
As we previously reported, back in August, President Joe Biden announced he would cancel at least $10,000 in student loan debt for millions of borrowers, as well as $20,000 to Pell Grant recipients. The move comes months before the midterm elections. It was also a move to deliver on his key campaign promise during the 2020 presidential election.
Who’s Eligible?
CNN reports that “Individuals who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years are eligible for up to $10,000 of their federal student loan debt forgiven. The income thresholds are based on adjusted gross income.”
While this is great news for most Americans, the Biden administration faces several legal challenges to the plan, which threaten to derail it. However, when asked Monday whether he was worried litigation could get in the way of his promised plan, Biden said: “Our legal judgment is that it won’t, but they are trying to stop it.”
Press Play Below For More: