The Biden Student Loan Forgiveness Plans, hosted by US President Joe Biden, allow borrowers to defer, delay, or cancellation of student loans. However, in many places, not everyone is eligible for student loan cancellation.
After doing thorough research on Biden’s student loan debt, we shared everything regarding Biden’s student loan, such as Student loan Forgiveness how to apply, Application process, debt relief eligibility criteria and requirements, important dates for Biden student loans, and FAQs.
Biden Student Loan Forgiveness
Student loans have been divided into three parts by the Biden government: relief, expansion, and system updation. All individuals and students have their eyes set on debt relief. However, certain eligibility criteria have to be met to be eligible for student loan forgiveness.
Student Loan Waiver is the Student Loan Relief Master Plan issued by the current government, which is updated from time to time. The number of beneficiaries here could be around 20 million, and the total cost would be around $400 billion, which is a huge amount of money.
The Biden student loan plan would take nearly 30 years and add to the country’s deficit. And has started accepting Biden Student Loan Forgiveness Applications, you can apply online and offline. the last date which is December 31, 2023.
How to Qualify For Biden Student Loan Forgiveness?
To be eligible for Biden student loans, you must meet specific eligibility criteria prepared by the US Department of Education for student loans. You must read it carefully and check whether you are eligible for it.
Eligiblity for Student loan forgiveness
- You have not filed income tax because your income is low.
- If you are unmarried, your annual income is less than $125,000.
- If they are married and file jointly, their income must be less than $250,000.
- If you are a widow, it should be less than $250,000.
- Eligible Biden Student Loans:
- William D. Ford Federal Direct Loan
- Federal Family Education Loan
- Federal Perkins Loan Program
- Default loans (which include ED-held or commercially serviced Subsidized Stafford, Unsubsidized Stafford, Parent PLUS, Graduate PLUS, and Perkins loans held by ED)
- Default loans are qualified for this.
- If you are a Federal Pell Grant recipient, the maximum eligible amount is $20,000.
- If you did not receive a Federal Pell Grant for college, the maximum eligible amount is up to $10,000.
- Loan balances due after July 1, 2022, are not eligible for Biden student loan debt relief.
- You are considered a dependent if your date of birth is on or after January 1, 1998, and you are a graduate student enrolled between July 1, 2021, and June 30, 2022.
Biden Student Loan Forgiveness Application 2023
Follow the steps on how to apply for the Biden Student Debt Relief Application.
- Visit the official Student Loan Forgiveness page at https://studentaid.gov/fsa-id/sign-in/landing.
- You need to create an account.
- Click on the Get Started tab.
- Enter the required details, such as name, DOB, and SSN, and click ‘continue’.
- Make your username and password and click ‘continue‘.
- You need to provide your address and contact details.
- After that, ‘Create FSA ID’.
- Given the answers to the challenge questions.
- Finally, confirm all the details.
- Now, verify your account with a secure code sent to your registered email.
- You are done!
So, this is how to apply for biden student loan forgiveness application online.
Deadlines for Biden Student Loan Forgiveness
Online applications for debt relief start in October 2022. The last date for submission of the loan forgiveness application form is December 31, 2023.
Loans taken on or before June 30, 2022, are eligible for loan forgiveness.
If you are enrolled as a graduate student between July 1, 2021, and June 30, 2022, and were born after January 1, 1998, and you are unmarried, you may be classified as a dependent.
You can visit studentaid.gov to learn more about student loan forgiveness, and Federal Student Loan Debt Relief.