President Joe Biden confirmed on Friday the figures of applicants for the student loan forgiveness. Since his administration made its online application available, nearly 22 million people have applied for federal student loan relief.
President Biden confirmed the first-week statistics since the application was beta-launched last Friday with the official unveiling at the White House on Monday. He made this confirmation while speaking at Delaware State University, a historically Black university where the majority of students receive federal Pell Grants,
President Biden’s plan calls for federal student debt cancellation of about $10,000 for those with incomes below $125,000 a year, or households that make less than $250,000 a year.
Those who received federal Pell Grants to attend college are eligible for an additional $10,000. The plan makes 20 million eligible to get their federal student debt erased entirely.
The ease of the application doesn’t require users to upload any forms or to create an account as President Biden highlighted.
“Folks, it takes less than 5 minutes,” Biden said. He said the “vast majority” of applicants are able to submit for relief from their phones.