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American citizens with federal student loans can now apply for up to $20,000 in debt forgiveness through the website launched by the US government.
The website was launched after the Biden administration stated that it wanted to design a “short and straightforward” application. The application is quick to complete, but some borrowers could have concerns about the timeliness of debt forgiveness, among other things.
In a news conference on Monday, President Biden emphasized the newly launched debt relief website, announcing that the program is now available. He described it as a “game-changer for millions of Americans.”
The expectation is that 95% of Americans with student loans will be eligible for forgiveness. The remaining 5% earn too much money and are not eligible.
