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Navigating through Student Loan Forgiveness Portal, what applicants need to know
The Student Loan Forgiveness Portal is open. FOX 26’s Tom Zizka shows the step-by-step process on how to apply.
President Joe Biden's student loan forgiveness program is now accepting online applications from the tens of millions who are eligible for the financial relief.
PREVIOUS: How to apply for student loan debt forgiveness
The White House estimates that 40 million borrowers could be eligible for this one-time debt forgiveness, depending on what type of loan they hold. The application portal opened, this week, for everyone.
As President Biden launched the Department of Education's student loan debt relief website, he promised an easy process for eligible borrowers holding $1.6 trillion in student debt.
"This is a game changer for millions of American," he said.
RELATED: Paid off your federal student loan during pandemic? You could get a refund
The application page at www.studentaid.gov appears straightforward, and suggests the process will take only minutes:
Applicants will need to provide their name as it appears on the loan documents, their social security number, date of birth, phone number, and email address.
They'll also need to certify that they fall within the programs financial requirements.
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Houstonians have mixed feelings about Biden's plan to forgive student loans
President Joe Biden unveiled a plan to provide $10,000 of federal student loan debt relief for borrowers who earn under $125,000 annually, and more for those with the greatest financial need. FOX 26's Natalie Hee caught up with Houston residents to get their thoughts on the matter.
The president's student loan forgiveness program, enacted by executive order in August, offers $10,000, in relief, to those holding federal student debt, and another $10,000 for those who received a Pell Grant, for college.
Both opportunities apply to individuals earning less than $125,000 a year, or less than $250,000 for married couples.
EXPLAINER: What student loans are eligible for forgiveness? Here's a breakdown
The loan forgiveness program is proceeding, despite several legal challenges. Once the Department of Education's federal student aid office has the application, it'll be matched against the borrowers federal records, to confirm eligibility.
If the information checks out, relief could come within weeks. The deadline to take-part is December 31st, 2023. The program is estimated to cost between $300 - $400 billion.