Student Loan Forgiveness Newsweek

Biden Announces Expanded Student Loan Forgiveness Plans

30 Million Americans Eligible for Relief

Application Deadline Approaching

President Joe Biden has unveiled additional plans for student loan forgiveness that could provide relief on federal education debts for 30 million Americans. The new measures come as the deadline for student loan borrowers to claim forgiveness under existing programs approaches.

The Biden administration announced on Friday that it will cancel student debt for more than 70,000 borrowers. This includes borrowers who have been disabled or have worked in the public service sector for at least 10 years. The administration also announced a new income-driven repayment plan that will lower monthly payments for many borrowers.

To apply for Biden's student loan forgiveness plan, borrowers must submit an application to the U.S. Department of Education by October 31, 2023. The application is available online at StudentAid.gov. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) to request an application.

Biden's executive decision to forgive student loan debts, which bypassed legislation and now faces probable legal challenges, comes after months of debating the fairness and effectiveness of such measures. The plans have drawn mixed reactions, with some borrowers applauding the relief while others express concerns about the potential cost to taxpayers.