School tycoon free online play12/25/2023 The group who will automatically qualify may number as many as 8 million borrowers and mostly includes those who are enrolled in income-driven repayment plans. Note that if the Department of Education already has your income information on file, the department may have enough information to automatically forgive your debt without applying. The department said if you submit an application, it will be processed, and you won't need to resubmit. Most of the estimated 40 million borrowers seeking student loan relief will need to apply for forgiveness using the Education Department's online form. Read more: 8 Million Student Loan Borrowers Get Debt Relief Automatically How do you apply for student debt relief? The White House assured borrowers that debt cancellation would occur before federal student loan payments restart on Jan. You may also be eligible for an additional $10,000 in relief if you received federal Pell Grants while enrolled in college, totaling up to $20,000 in debt relief. Under President Joe Biden's plan, the Department of Education will cancel up to $10,000 in federal student loan debt for individual borrowers who make below $125,000 per year or less than $250,000 for married borrowers or those who are heads of households. Who is eligible to have their student loan debt canceled? The application for student loan debt relief will remain open while the court case proceeds, and there's no reason to wait to apply. Any day now, an appeals court is expected to make a decision on whether to grant a preliminary injunction requested by these states. The states - Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina - argue that the Biden administration is overstepping its legal authority.
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