On Monday, Oct. 17, the Biden Administration announced the applications for the student loan forgiveness plan are now live. Since the applications have been live, here are some of the important points that have happened since then.
According to NPR, the Biden Administration released a beta version of the applications a week prior to the official release. In this beta version, the applications were successful as more than eight million users applied for relief and did not encounter any glitches or problems.
This is a part of Biden’s campaign to cancel the amount of debt that students receive in college. In his plan, Biden wants to cancel up to 10,000 dollars of student debt for those that are earning less than 125,000 dollars a year and cancel up to 20,000 dollars for those that have earned Pell Grants.
The way the application and the student debt relief work have been said to be fairly easy. All you would have to do is put in your name, date of birth, social security number and other things. The form is available in two languages so far, both English and Spanish. This student loan forgiveness application will be open through December 31st, 2023.
This application is an important thing for the American education system as it is allowing people less pressure on the financial aspect of students attending college. This would be in congruence with how other institutions around the world would handle debt and money when it comes to a student’s education.
This is presumed to be the prospective idea that Biden wants for the American education system and that will be fulfilled now that the applications are live — or at least now they were.
According to NPR, Only just a few days after the student loan forgiveness plan applications were live, the federal appeals court conducted a temporary order blocking Biden’s student loan forgiveness plan. The reason for the blocking does not seem to be clear. What does seem to be prominent is how jarring the whole situation is for thousands of people that have already started to apply for the student loan forgiveness plan.
With the application currently blocked, can people still apply for student loan forgiveness? The federal appeals court says that people can still apply if they would like, but with the back and forth on the application is open and then closed, the limbo of this student loan forgiveness plan seems to make people apprehensive to apply at all now.
The issue as to whether this will be resolved before January 1st (when payment on the federal student loans will begin to restart) is brought with uncertainty.
Tweet us your thoughts on the events surrounding the application relief @VALLEYmag on Twitter!
1 Comment