Over 8 million applied online for student loan forgiveness by official start Monday

The Education holds at least $1.6 trillion in student loans for about 45 million borrowers.

Updated: October 18, 2022 - 8:18am

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The Biden administration on Monday officially began accepting applications for its student-debt cancellation program and said over 8 million people have already applied.

The Education Department is running the application website and unofficially launched it Friday in test-run mode, according to The New York Times.

The agency holds at least $1.6 trillion in student loans for about 45 million borrowers.

"This is a game changer for millions of Americans,” Biden said Monday afternoon about his program.

Borrower can have as much as $20,000 in debt canceled through the program President Biden put in place in August through executive order – a move that has resulted in legal challenges.

The most high-profile suit is arguably the one filed by six attorneys general from Republican-led states. 

A federal judge in Missouri heard arguments last week on the joint filing for an injunction to prevent the government from carrying out the plan, The Times also reports.

The eligibility income cap for applicants is $125,000 per individual or $250,000 per household.