Colorado college students begin applying for student loan forgiveness as program opens
The U.S. Department of Education officially launched its online application for student loan forgiveness on Monday. President Biden calls it "a game changer for millions of Americans" looking for some help making ends meet.
"It takes a minute and a half maximum to fill out," said Ryan Smith, a senior at Metropolitan State University in Denver.
Smith is among the millions who've already applied for student loan debt forgiveness. He said he applied when a beta version of the website launched late last week.
"You can potentially get $10,000-20,000 forgiven just by spending that minute and a half, so there's no reason not to spend that time," Smith said of encouraging others with student loans to apply.
All that's needed to apply – a quick click on StudentAid.gov. There, applicants simply enter their contact information, date of birth, and social security number. Only individuals who earned less than $125,000 in 2020 or 2021 and married couples with total annual income below $250,000 are eligible for loan relief under the program. About 95% of Americans with college loans are expected to qualify, helping some 40 million people like Smith.
"I have a pretty significant amount of student loans just to help get me through. It's definitely a relief that my payments are going to be 2/3 of what they were originally, which is significantly lower," said Smith.
Unless challenges from conservative lawmakers block efforts, the Department of Education could begin forgiving student loans as early as next month. It's a difference-maker for Smith, but he also sees it as a step in the right direction for future students seeking higher education.
"We really do have a student debt crisis going on where people are desperate to get these loans forgiven," Smith told CBS News Colorado. "But it also points toward more hope for the future towards reform for the student aid system."
The student loan forgiveness application is available in English and Spanish, online via a computer or mobile device. Those eligible have until Dec. 31, 2023 to apply.
Warning from the Department of Education:
You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid. Make sure you work only with the U.S. Department of Education and our loan servicers, and never reveal your personal information or account password to anyone. Our emails to borrowers come from noreply@studentaid.gov, noreply@debtrelief.studentaid.gov, or ed.gov@public.govdelivery.com.