The first student-debt relief email update just went out from Biden's Education Department

Screenshots of email from Biden's Education Department on student debt relief
Screenshots of email from Biden's Education Department on student debt relief@Ki/Tiwtter
  • On Thursday, the Department of Education sent out an update on student debt relief.

  • The email provides details on debt relief eligibility and what to expect moving forward.

  • Borrowers can begin applying for relief this October through a "short and simple" application.

Millions of federal student loan borrowers just received their first official update from Biden's Education Department about the relief that's coming to them.

In August, President Biden announced up to $20,000 in student-loan forgiveness for individuals making under $125,000 a year. But since the announcement, borrowers have been awaiting further details about how and when their debt will be cancelled.

On Thursday, US Department of Education sent out the first of what it said will be a weekly "Debt Relief Update." Borrowers can sign up for future updates here.

 

The first email touches on who's eligible for relief, what they might be eligible for, how cancellation will work, and what to expect moving forward.

In October, borrowers will be able to begin applying for relief. They will have from October 2022 through the end of 2023 to apply.

The application will be "short and simple." Borrowers won't need their Federal Student Aid IDs to login nor will they have to upload any supporting documents.

Once the application is submitted, the Federal Student Aid office will review the application and determine whether the borrower is eligible for debt relief. If they are, the office will work with the borrower's loan servicer to begin processing the relief.

For borrowers who are unsure whether they are eligible for relief, the White House recommended StudentAid.gov as another resource.

Read the original article on Business Insider