The number of people applying for student loan forgiveness is surging.
More than 8 million Americans applied for relief during a test of the website that began Friday. Another 4 million applied within 24 hours after President Biden officially launched the site Monday.
“So, let’s get started," Biden said. "The new student loan application is now open. If you have federal student debt, please, visit StudentAid.gov — it's easy, simple and fast, and it's a new day for millions of Americans all across our nation.”
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Isis Jenkins has $32,000 in federal student loans; some of that is accrued interest. She graduated college in 2016 with a bachelor's degree in mass communications and now works in public relations.
“I’m not at a point where I can afford to pay off all my loans, make those payments, and so any relief I get will definitely help," Jenkins said.
The program is expected to help 40 million Americans like Jenkins.
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Who qualifies? Individuals who in either of the past two years have an adjusted gross income of less than $125,000 a year, and families earning less than $250,000 a year. Debt cancellation can be as much as $10,000 per applicant, a sum that doubles to $20,000 for Pell Grant recipients, who are from lower-income households.
Jenkins qualifies for $10,000.
“That's $10,000 less that I have to pay, and so you know, for me, I'm just thankful,” Jenkins said.
Jenkins said the process of applying was simple and straightforward.
“I did it right on my phone … I was actually quite shocked … and surprised how easy it was to apply,” Jenkins said.
Borrowers have until Dec. 31, 2023, to apply.
