Student loan forgiveness application is ready, but White House is not

Student loan forgiveness application is ready, but White House is not

The White House released a preview of the application form for President Biden's student debt relief cancellation plan.

The application requires a Social Security number and will be accessible on phones and computers in both English and Spanish.

However, it is not yet clear when the form will go live.

The White House has yet not announced the launch date for the form to go live.

Meanwhile, the student loan cancellation plan continues to face legal challenges from Republican-led states.

Borrowers are eligible to receive $10,000 or $20,000 in debt relief depending on factors like their income.

Applicants will have until December 31, 2023, to submit their forms.

The federal student loan portfolio is currently at over $1.6 trillion, owed by about 43 million borrowers.