President Biden’s administration opened the new application site Friday for the White House’s student loan handout program.
The student loan forgiveness application is now LIVE: https://t.co/P2tc66sIA2 pic.twitter.com/xWv282QFAc
— philip lewis (@Phil_Lewis_) October 15, 2022
The website for the debt forgiveness application process is currently being handled by the Department of Education.
The student debt forgiveness was announced by the White House last August and is estimated to cost over $500,000,000,000. Eligible Pell Grant recipients are to receive up to $20,000, while non-Pell Grant recipients are eligible for up to $10,000.
The announcement of the massive taxpayer-funded loan handout has been met with heavy criticism from Republicans and independents.
There have been several lawsuits filed in whether the executive branch has the authority to hand out such a significant sum.
The new forgiveness policy has been celebrated in Biden’s party, and some said the measure doesn’t go far enough, demanding full student loan forgiveness for all borrowers.
The average borrower in the U.S. owes $37,667 in student loans, according to the Education Data Initiative, though amounts owed can vary based on degree and location.