All you need to know about Biden's student loan forgiveness program

All you need to know about Biden's student loan forgiveness program

The Biden government has officially opened the website to allow federal student loan borrowers to apply for debt forgiveness.

They are allowed to apply for up to $20,000 in debt forgiveness.

It is important to note that only federally held student loans qualify for the program and private student loans are excluded.

Individual borrowers who make less than $125,000 a year will get up to $10,000 of their federal student loan debt forgiven.

Qualifying borrowers who also received a federal Pell grant while enrolled in college are eligible for $20,000 of debt forgiveness.

According to the Department of Education, income information for nearly 8 million borrowers is already in the feed.

Millions of other borrowers will be required to apply for student loan forgiveness.

Borrowers can apply for the same till the end of December 2023.