President Joe Biden said Friday that 22 million people have already signed up for student loan relief.
“Folks, it takes less than five minutes,” Biden said, speaking at Delaware State University, a historically Black college in Dover. “It’s about as easy to apply while hanging out with your friends at home or watching a movie. The vast majority are applying on their phones. It’s easy.”
The application officially opened Monday but was released as a beta test Oct. 14. Biden said the White House went for the beta version first to dodge the technical bugs experienced when he and President Barack Obama rolled out the Affordable Care Act site.
In August, Biden announced that federal student loan borrowers earning under $125,000 or households with less than $250,000 in income would be eligible for up to $10,000 in forgiveness. Pell Grant recipients are eligible for up to $20,000 in debt relief.
“In total more than 40 million Americans stand to benefit from this relief,” Biden said. “For borrowers out of school, nearly 90% of relief is going to go to people making under $75,000 a year. Let me be clear: Not a dime, not a dime will go to the top incomes, period. It goes to people who really need it.”
