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The White House will open the process this month to cancel up to $20,000 in student loans

The White House will open the process this month to cancel up to $20,000 in student loans

Washington DC. – The White House It plans to launch a website this month where millions of people, including 275,500 in Puerto Rico, can request cancellations of up to $20,000 of their student loan debt.

According to the executive, the process will include anti-fraud measures.

President Joe Biden It announced a plan in August — which has been challenged by Republican officials and conservative groups — that seeks to waive up to $20,000 for Bell Grant recipients and $10,000 for other borrowers.

The White House estimates that student loan borrowers and residents in Puerto Rico have an average debt of $28,000 and total financial obligations of about $9,000 million.

A sample form released by the Biden administration indicates that only the most basic information, such as name, social security number, phone number and email address, will be requested from the applicant.

Borrowers must certify under oath that they meet the income requirement, Politico reported. To cancel the loan, an individual cannot have an individual income of $125,000 or more in 2020 and 2021, or $250,000 as a couple.

Of the 275,500 people in Puerto Rico who could benefit from debt cancellation, the Biden administration estimates that 241,900 have or have received Pell grants.

According to the White House, 90% of student loan relief goes to people with incomes below $75,000 a year.

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