Late Friday night for the first time, some borrowers were able to apply for up to $20,000 in student loan cancellation that President Biden had promised in August. The Education Department, which directly holds $1.6 trillion in federal student loan debt owed by 45 million borrowers, said it had begun “beta testing the student debt relief website” on Friday. The agency said it hoped the test would help it find any problems before the site publicly opened. “Borrowers will not need to reapply if they submit their application during the beta test, but no applications will be processed until the site officially launches later this month,” a department spokeswoman said. “Application for student debt relief is now live!

Source: CNN October 15, 2022 06:23 UTC