JUST IN: The time has finally arrived for millions of student-loan borrowers to apply for President Joe Biden's long-awaited debt relief — in beta form.
Borrowers were notified late Friday that an early, “beta launch” version of a new online form was made available as the department looks to find and fix any glitches. Applications submitted during the pilot period will be processed after the form is officially made public, the agency said.
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. Those who received federal Pell Grants to attend college are eligible for an additional $10,000.The department did not immediately say Monday how many applications it had fielded through the beta launch. Thousands took to social media to share the form, with many saying they submitted their applications with little trouble.
An estimated 1 million to 5 million people will be required to provide that extra documentation, the Education Department said in a recent submission to the White House's Office of Management and Budget.
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