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.

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

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

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

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

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

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

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

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