Here's how you can apply for student loan forgiveness

WASHINGTON — President Joe Biden on Monday officially kicked off the application process for his student debt cancellation program, opening the door for millions of Americans to apply for up to $20,000 in forgiveness. The Biden administration touts it as a simple, straightforward application that should only take about five minutes. Here's how to apply.

People are also reading… After the form is submitted, the Biden administration says it should take four to six weeks to process. The Education Department will use its existing records to make sure your loans are eligible and to look for applicants who might exceed the income limits. Some will be asked to provide additional documentation to prove their incomes.

Most borrowers who apply before mid-November should expect to get their debt canceled before Jan. 1, when payments on federal student loans are scheduled to restart after a pause during the pandemic. Things could get more complicated, depending on the outcomes of several legal challenges. The Biden administration faces a growing number of lawsuits attempting to block the program, including one filed by six Republican-led states. A federal judge in St. Louis is currently weighing the states' request for an injunction to halt the plan. Biden on Monday said he's confident that the suit will not upend the plan.

Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio States with the most and least student debt Ranking student debt by state #51. South Dakota #50. Iowa #49. Alaska #48. North Dakota #47. Wyoming #46. Wisconsin #45. Nebraska #44. Arkansas #43. Indiana #42. Oklahoma #41. West Virginia #40. Montana #39. New Mexico #38. Texas #37. New Hampshire #36. Kentucky #35. Minnesota #34. Utah #33. Maine #32. Rhode Island #31. Kansas #30. Idaho #29.

Source: Education Headlines (educationheadlines.net)

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