About 2.4 million Floridians are eligible to apply for some type of student loan relief starting next month.
An application system with the U.S. Department of Education is expected to launch in early October, allowing millions of Americans who qualify to apply for their student loans to be reduced.
Most federal loan borrowers will qualify for up to $10,000 in student loan forgiveness if they didn’t get a Pell Grant. For those who did get a Pell Grant, they will qualify for up to $20,000 in student loan forgiveness, according to a plan announced by President Joe Biden.
No official date for the application has been released, but borrowers can sign up for email alerts on the Department of Education’s website to stay updated on when the application goes live.
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Those waiting to apply should do so no later than Nov. 15 to get relief before the payment pause expires for federal student loans on Dec. 31, and payments resume in January.
It’s expected to take anywhere from four to six weeks for the application to go through and the relief to be applied.
Borrowers can still apply after Dec. 31, and the Department of Education will process them as they come in.
Information for the News Service of Florida was used to supplement this news article.