40 million indebted Americans are awaiting their financial fates after a federal appeals court temporarily halted Biden’s student-loan forgiveness program.  

The online portal for the program has already seen 22 million applications. While the future is unclear, here’s what those eligible should know in the meantime:  

How to apply

The application to get your student loans forgiven is live online in both English and Spanish. You need to fill out basic information like your name, social security number, phone number and e-mail address. The deadline is Dec. 31, 2023.

There are 8 million borrowers who already automatically qualify for relief, write Julia Carpenter and Gabriel T. Rubin for The Wall Street Journal. 

While The Department of Education will be reaching out to them via e-mail, there is no guarantee that it could be you. It’s smart to apply online anyways, just to be safe.  

But it was halted…so now what? 

Even though the temporary stay was just implemented, applications are still encouraged. Federal Student Aid of the Department of Education says that they will continue to review applications. Their website says that there is no need to reapply and will “quickly process discharges” when they are able to.  

Officials say that the applications might take several weeks to process, according to The Wall Street Journal.  

Eligibility  

Only people who have received federal loans, not private, are eligible for forgiveness. To qualify individuals must make an income of $125,000 or less or have a household income of $250,000 or less. Pell Grant recipients can be forgiven up to $20,000. Everyone else can get up to $10,000.  

You will not be forgiven for any balances paid before March 13, 2020. However, if you’ve made payments since that date, you’re eligible to get your money back, according to Nerd Wallet.  

Read more about student loan forgiveness eligibility in The Wall Street Journal.

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How do you know if you’re eligible for debt relief under President Biden’s plan?

Bucks County Community College, the sponsor of BUCKSCO. Today — Career Corner, is a public community college with over 9,500 full- and part-time students.  

Both affordable and centrally located for people in and around the Bucks County area, the school has three main campuses in Newtown, Bristol, and Perkasie, allowing students to attend throughout the area. 

For those just starting their paths in higher education, or returning to school after a prolonged absence, Bucks County Community College offers over 90 academic programs within seven Academic Departments.  

The school’s 43 Associate’s Degree programs prepare students to pursue either a career or their Bachelor’s degrees after graduation. 

vLearn more about Bucks County Community College here.