WASHINGTON (AP) — President Joe Biden on Monday officially kicked off the application process for his student debt cancellation program and announced that 8 million borrowers had already applied for loan relief during the federal government’s soft launch period over the weekend.
He encouraged the tens of millions eligible for potential relief to visit studentaid.gov and touted the application form that the president said would take less than five minutes to complete. An early, “beta launch” version of the online form released late Friday handled the early stream of applications “without a glitch or any difficulty,” Biden said.
“It means more than 8 million Americans are — starting this week — on their way to receiving life-changing relief,” Biden, accompanied by Education Secretary Miguel Cardona, said Monday. The president called his program a “game-changer” for millions of Americans saddled with student loan debt.
The number of borrowers who applied during the testing period already amounts to more than one-fourth of the total number of applicants the administration had projected, underscoring the popularity of the program and the eagerness of borrowers to receive the debt relief. Biden’s plan calls for $10,000 in federal student debt cancellation for those with incomes below $125,000 a year, or households that make less than $250,000 a year.