President Joe Biden on Monday officially unveiled the online application portal for his student loan forgiveness program for eligible borrowers.
The cost of college has soared multiple times the rate of inflation over the past 50 years.
In late September, the Biden administration updated its guidance so that borrowers with commercially held Federal Family Education Loan Program loans or Perkins loans would no longer be able to qualify by consolidating them into direct loans, except if they applied to do so before Sept. 29.
"We are working on pathways there to support those, but we’re moving as quickly as possible to provide relief to as many people as possible," Education Secretary Miguel Cardona said Monday regarding the eligibility of people with privately held student loans. President Joe Biden delivers remarks on the student debt relief portal beta test at the Eisenhower Executive Office Building in Washington on Oct. 17, 2022.
Approximately 42.8 million people have federal student loans as of the third quarter of fiscal year 2022,
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