(WEHT) – The Biden Administration recently announced borrowers will be able to apply for Student Loan Forgiveness in the upcoming weeks.
Reports say the President’s plan will forgive up to $20,000 of debt for borrowers with a Pell grant and up to $10,000 for those without one. It will also cap regular loan payments at 5% of their income along with wiping out loans for some after ten years of repayment.
Officials say more than 850,000 people in Indiana and more than 560,000 people in Kentucky will be eligible for student debt relief.
Borrowers can check to see if they have any Pell grants here. The deadline to apply for forgiveness is December 31, 2023. For those waiting to apply, you can sign up on the Department of Education’s Subscription page to find out when the applications will open. Borrowers will need proof of income for 2020 or 2021 when they apply.