Federal applications for student loan forgiveness are now open.
On Monday, President Joe Biden announced the formal launch of the debt relief application, which can be found in both English and Spanish at Studentaid.gov.
Those who qualify can have up to $20,000 of their student loans cancelled.
“Today, I’m announcing millions of people working and middle-class folks can apply and get this relief. And it’s simple and it’s now. It’s easy,” Biden said. “This is a game changer for millions of Americans … and it took an incredible amount of effort to get this website done in such a short time.”
In order to qualify, a borrower must make less than $125,000 a year as an individual, or $250,000 as a family unit.
It’s really quick and easy to apply, you simply need to fill out your name, phone number, Social Security number and email address.
The applications will remain open until December 31, 2023.