(LEX 18) — President Biden announced in August his decision to wipe thousands, or in some cases, tens of thousands of dollars of student loan debt from borrowers accounts.
The administration is offering a sneak peek of the student loan forgiveness website, which is set to launch later this month.
A senior administration official says a lot of effort has gone into making the application process for debt forgiveness simple and straight forward.
Officials say the goal is to start processing this debt relief in January and to make this process as straight-forward as possible. They also said the number of questions to fill out have been left at a minimum on this application and borrowers will not need to upload any documents.
President Biden plans to cancel up to $10,000 in student loan debt for people making less than $125,000 a year.
He's also canceling as much as $20,000 dollars for eligible borrowers who are also Pell grant recipients.
You can actually find a visual preview of how this application looks by going to the White House's twitter page, which can show you the latest the education department has released ahead of the initial launch.
