The Student Loan Forgiveness Application Is Online. How to Apply and Get Your Debt Canceled

Millions of Americans can now take their first step to cancel between $10,000 and $20,000 in federal student loan debt. The Department of Education says the application is “simple, easy to use,” and can be accessed on its website.

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Biden’s plan allows borrowers who earn under $125,000 to cancel $10,000 in federal school loan debt, while married couples qualify for $10,000 per person in debt cancellation if their joint income is under $250,000.

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Borrowers who have Perkins loans and Federal Family Education Loans (FFEL) with private lenders no longer qualify for loan cancellation if they didn’t apply to consolidate them before Sept. 29, according to the updated guidance from the Department of Education.

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