President Biden Cancels Student Loan

On Monday, October 17, 2022, President Joe Biden announced that the online application to get rid of federal student loans is now open.

The form can be found at StudentAid.gov. It’s available in both English and Spanish, and you can use it on your phone or computer. Dates of birth, Social Security numbers, and contact information are some of the things that are needed. Applicants don’t need to upload anything.

At the White House, the President said that it takes about five minutes to fill out the form and that people can apply until December 31, 2023. Borrowers who want to change their loan balances before January, when payments start again, should send in their applications by November 15.

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Last week, a beta version of the application was made available so that the Education Department could work out any problems. On Monday, Education Secretary Miguel Cardona was standing next to the president and said that 8 million people had already applied.

Even though advocates for debt help liked the move, some have criticized the organization’s plan, especially the short time between when the site opens and when the next round of payments is due. The White House has played down the report.