After weeks of waiting, student loan borrowers can now apply to President Biden’s program to get up to $20,000 in debt cancellation.
After the Department of Education opened the form over the weekend as part of a beta test, Biden officially launched the app on Monday, hoping to find and correct any glitches on the website. Eight million people have applied so far, the president said. He estimates the White House has received about 10,000 letters from borrowers praising one of his signature economic policies.
“My promise was that, if elected president, I would make the government work for the people. This rollout keeps that promise,” Biden said. at a press conference. “As I keep my promise to ease student debt as borrowers recover from the economic crisis caused by this once-in-a-lifetime pandemic.”
Biden’s plan is to cancel as much as $10,000 in federal student loan debt for people earning less than $125,000 a year or married couples earning less than $250,000. Those receiving Pell Grants, federal aid for low-income students, can receive up to $20,000 in relief.
The policy has sparked a flurry of lawsuits from conservative groups and Republican-led states alleging the president overstepped his authority with mass cancellations. Biden on Monday strictly defended the debt relief policy. “Congressional Republicans, Republican governors are doing their best to deny this relief, even to their own voters,” Biden said. “As soon as I announced my student debt plan, they started attacking it. Their anger It’s wrong and it’s hypocritical.”
Here’s what you need to know about the application process.