On Monday President Biden announced that the application to the program to ease student loans is now live.
The administration launched an alpha version of its application earlier this week. Since the application was launched on Friday, over 8 million borrowers have sought debt relief with no glitches reported or issues, in the White House.
“It’s easy. It’s fast,” Biden stated during a press event to announce the launch. Biden noted that the applications will take less than 5 minutes to complete and are available via phone or desktop.
“This is a game changer for millions of Americans to get moving.”
Biden’s proposal is to erase any debt of up to $10,000 for those who earn less than $125,000 a year as well as up to $20,000 in the case of those who have received Pell Grants.
The form requires borrowers’ names, dates of birth, and Social Security numbers in addition to other information. The form is accessible in both English as well as Spanish on mobile and desktop websites. The application will remain open until December. 31st, 2023.
The borrower will not require the so-called FSA ID to sign in to the application. Nor do be required to upload any documents, such as tax records. Instead of requiring documents to prove that you as an individual made less than $125,000 in 2020 or 2021, or as two people or less than $250,000 the application asks borrowers to tick a box that says “certify under penalty of perjury under the laws of the United States of America that all of the information provided on this form is true and correct.”
The administration estimates that over 40 million people are eligible to participate in the program.