Here's how to check if you qualify for Biden’s new student loan forgiveness plan. (via CNBCMakeIt)
. The portal should have your student aid report , which details the different financial aid awards you have received, including any Pell Grants. This information is also included in the financial aid award letter you received from the school you attended.for the department's "federal student loan borrower updates" emails to be notified when the application is live.
Check your communication preferences on your FAFSA and loan servicer accounts so you know where, and how, these agencies will contact you about receiving debt relief. Have documentation of the outstanding balance on your loans and copies of your recent tax returns prepared in case you need to prove your eligibility.Implementing a broad student loan forgiveness plan is going to be a "slow process" that requires "a lot of communication between the Department of Education and loan servicers," Michelle Dimino, a senior education policy leader at public policy group Third Way, tells.
The administration's broader debt forgiveness plan is "incredibly problematic and confusing to borrowers" as it stands now, Scott Buchanan, executive director of the Student Loan Servicing Alliance, says, but he's optimistic that the details of the application process get "ironed out" and become "much clearer" in the coming weeks.
"Education is a ticket to a better life. … but over time that ticket has become too expensive for too many Americans," Biden said during a speech from the White House hours after the announcement. "All this means that an entire generation is now saddled with unsustainable debt in exchange for an attempt at least at a college degree. The burden is so heavy that even if you graduate you may not have access to the middle-class life that the college degree once provided.
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