Here is how Coloradans can apply for student loan forgiveness

About 700,000 people who have student loan debt in Colorado are expected to benefit from the Biden administration’s student debt cancellation program announced last month, according to the Colorado Attorney General’s Office.

Here’s some information about who is eligible and how to learn more about the process.

Who is eligible for debt cancellation under the new plan?

The loan cancellation applies to borrowers who have loans held by the U.S. Department of Education. Private student loans are not covered. People with an annual, individual income of $125,000 or less during the pandemic or married couples or heads of households making under $250,000 are eligible for up to $10,000 in loan cancelation.

If a borrower meets those income standards and received a Pell Grant in college — a federal grant awarded to students with exceptional financial need — they are eligible for up to $20,000 of relief.

How do you get loan forgiveness?

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