Relief is on the way for millions of current and former college students.
“Huge relief to be honest, because student loans are so high now and school is so expensive,” college junior Jacquelyn Cunningham said.
Cunningham said she was overwhelmed with happiness after she applied for Federal Student Loan Debt Relief.
“It means the world to me. I pay for school by myself so this is an amazing opportunity for me, because my loans will almost be cut in three quarters,” Cunningham said.
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The Biden Administration said the application is now open. It was tested over the weekend, and received more than 8 million applications, without a glitch, according to the White House.
The program provides eligible loan borrowers with full or partial cancellation of loans up to $20,000 for federal Pell grant recipients and up to $10,000 for non-Pell grant borrowers.
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Individuals who made less than $125,000 in 2021 or 2020, and families that made less than $250,000 in 2021 or 2020, qualify under this program.
If you check all those boxes, financial experts say it takes less than five minutes to apply.
“Application is pretty straightforward. It’s asking for a name, social security number, date of birth,” Director of Student Financial Aid at the University of Hartford Kathrine Presutti said.
The application is open through Dec. 31, 2023. However, financial experts say it is always best to apply early.
“Getting it in sooner just means you will make the deadline, and you will see the relief sooner,” Presutti said.
The application can be found here.
