Biden’s student loan forgiveness plan: When does it start, who qualifies and how to apply? It was announced last August that a plan to access the student debt relief plan would come in October. That hasn’t happened yet, but CNN reports that the draft application is expected to be released very, very soon, so you should stay tuned for news or updates on the Federal Student Aid website as details will be posted there first. Pell Grant recipients and non-recipients will be able to cut $20,000 and $10,000 in student loan debt, respectively, as long as they make less than $125,000 a year ($250,000 for married couples). Of respondents to a Data for Progress poll in August, 29 percent of college students had less than $10,000 in debt, underscoring the big impact President Biden’s decision will have on millions of borrowers. Read our full coverage for more details on President Biden’s plan to cancel some student loan debt.
