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Wednesday, February 21, 2024

US launches website for students’ debt relief

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Washington: The Department of Education has launched a website allowing federal student loan borrowers to begin submitting applications for some debt relief, US media reported.

The department is accepting applications “to help us refine our processes ahead of the official form launch,” according to guidance on the newly launched beta website on Friday.

The formal application period for student debt relief is scheduled to begin later this month and run through the end of 2023.

Biden announced his student debt relief plan in August. It will provide up to $10,000 in debt cancellation for borrowers who earn less than $125,000 a year and couples who file taxes jointly and earn less than $250,000 annually.

Pell Grant recipients, who make up the majority of borrowers, would be eligible for an additional $10,000 in debt relief. The overall plan is expected to help more than 40 million borrowers, the administration said, NBC news explained.

The launch of the site, reported by CNN, comes ahead of the formal application period for student debt relief, slated to begin later this month and run through Dec. 31, 2023, the website says. The Education Department previously said that applications would available in early October.

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