FLORIDA (SNN TV)- Students and their families all over the U.S. breathe a sigh of relief as the Biden administration’s student loan forgiveness application went live on October 14th.
This student debt relief plan includes loan forgiveness of up to $20,000.
To be eligible for relief, borrowers must have federally held student loans and meet the income requirements.
One person eligible for forgiveness is Hailey Aumack, a forensic science major at the University of Tampa.
She told SNN she was thankful when she heard about the application, and that either way, going to school was invaluable for her.
“When it went live I was like, thank God because this would help a lot. Because obviously when we graduate we don’t go into a job that we’re going to be able to pay all these loans in five minutes. But, I would say it was worth it because this is what I want to do and there’s actually not many colleges that offer forensic science. It’s actually kind of rare to come by,” said Aumack.
According to the Federal Student Aid website, if approved, borrowers can expect to see relief within 4-6 weeks.
Students and parents all over are hoping to be approved and reap the benefits of this one-time student loan forgiveness resource.
“My loans in my name are probably around $15,000 and then my mom has the Parent PLUS loans for me and they are at like $76,000 right now. It would benefit me by being approved because if my loans are cheaper than I can help my mom with the loans. She has her own student loans from her own college and now she has mine on top of it so, it’s going to help me help her,” said Aumack.
The application takes just minutes and only asks a few simple questions.
It’s online only and will be open through December 2023, so there’s plenty of time to apply.
To qualify for relief, individuals must make less than $125,000 per year.
If you are a married couple, you must make less than $250,000 combined.
