BALTIMORE — The struggle of student debt can be a real burden but President Biden’s plan to cancel some of that officially kicked off, bringing relief to many.
Some Marylanders may be celebrating this week as the federal government has launched the application site to forgive a portion of student debt.
Education comes at a cost, but for some, a portion of that debt will be forgiven.
The student loan relief program opened up Monday.
This helps people with federal students loans find a way to lighten some of the financial burden that comes with a college education.
"I was concerned about how much in loans I’ll have when I get out," said Josephine Moore, student at Community College of Baltimore County.
Moore has around 26,000 in federal student loans and says after CCBC she wants to transfer to a four year school.
The student loan forgiveness will help offset some of the costs.
"I went to MC, then University of Baltimore, then I came here. So all of them were lower tuitions, but after going to so much for so long it all added up. So at least for now, it will take off half which will be a little less later on which will be nice" said Moore.
With this plan, $10,000 of debt would be eliminated for an individual earning less than $125,000 a year or a couple earning less than $250,000.
Those with Pell Grants can get up to $20,000 in debt forgiveness.
"We are really pleased to see this, it's just an amazing gift,” said Sandera Kurtinitis, President of Community College of Baltimore County.
She says this loan relief could cover the debt a student takes on for an Associate’s degree at the college, allowing them to continue their education with a little less financial stress.
"We're really proud that we can play an important role in creating opportunities for people who perhaps would not have any, and now with the Biden forgiveness plan, I think that the level of indebtedness for community college students will be addressed really in a significant way,” said Kurtinitis.
The application process is easy. Go to studentaid.gov, plug in some personal information, review and submit.
No login or documents are required, but December 31, 2023 is the deadline.
