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We walk you through what you need to know about the federal student loan forgiveness application. We’ll also look at Democrats longing for summer and the risks facing older Americans as recession looms.
???? But first, McDonald’s is back with Halloween Happy Meal pails.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter? Subscribe here.Biden launches student debt relief application
The Biden administration has officially launched its student debt relief application, ending months of anticipation from millions of American borrowers.
President Biden announced his plan for student loan debt relief in August, forgiving $10,000 in student loan debt for those making under $125,000 annually and $20,000 for Pell grant recipients.
Now that applications are live, here’s what you need to know:
While relief is available to millions of borrowers, there are still a large chunk of debtors that do not qualify, including those with private loans or couples who make $250,000 per year.
Around 8 million borrowers won’t have to apply and will be eligible for automatic forgiveness.
Individuals are urged to apply for debt relief before Nov. 15 if they are hoping to receive the payments in their accounts before the student loan payments resume Jan. 1.
The Hill’s Lexi Lonas has the details here.
BAD TIMING?
Democrats worry they peaked too soon ahead of midterms
Democrats have cause for concern that they’re fading at a bad time ahead of the midterm elections after a summer surge fostered optimism that the party could buck historical trends and retain control of Congress.
A New York Times-Siena College poll released Monday found Republicans held a 49-45 lead over Democrats in the generic ballot roughly one month before November’s elections.
That represents a shift from September, when the same poll found Democrats leading Republicans by 1 percentage point.
That poll followed a trend among other surveys that as recently as late September showed Democrats leading Republicans on the generic ballot, only for the lead to shrink or disappear altogether.
