A beta test of a student debt relief application website was launched by the Department of Education on Friday, following President Biden's announcement earlier this year that millions of Americans would see some of their student debt canceled.
According to the Department of Education, those who use the site to apply for their debt relief do not need to apply again once the final site has launched, though the department said there's no advantage to applying early.
The application is estimated to take five minutes to complete, officials from the Education Department said.
The plan announced by Biden earlier this year offers $10,000 of relief for most borrowers, with up to $20,000 of relief offered for Pell Grant recipients.
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Only borrowers who made under $125,000 in 2020 and 2021 or married couples with a total annual income below $250,000 are eligible for the relief. Officials estimate approximately 95 percent of borrowers are eligible for relief.
Once the site launches, the application will be available until Dec. 31, 2023.
