Biden admin releases initial student loan handout application weeks before midterms
The website, which is still in beta, is run by the US Department of Education.
Tennessee Republican Sen. Marsha Blackburn reacts to the IRS going after the gig economy and President Biden's student loan handout on 'Kudlow.'
President Biden's administration rolled out an application site Friday for the White House's student loan handout program.
The website, still in beta, allows individuals eligible for student loan forgiveness to submit self-certifying applications for the debt relief.
The website and debt forgiveness application process are currently being handled by the Department of Education.
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President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House on Aug. 24 in Washington. (AP/Evan Vucci / AP Images)
The student debt handout, which was announced by the White House in August and is estimated to cost over $500 billion, qualifies those with a gross income of $125,000 as individuals or $250,000 for couples who file joint taxes.
Federal Pell Grant recipients are eligible to receive up to $20,000, while non-Pell Grant recipients are eligible for up to $10,000. These qualifications are listed as a disclosure at the top of the application webpage.
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The announcement of the massive taxpayer-funded loan handout was met with sharp criticism from Republicans and independents.
FILE: Activists attend a rally outside of the White House to call on U.S. President Joe Biden to cancel student debt on July 27, 2022, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)
Several lawsuits have been filed in response, including one in Missouri that is set for a federal court hearing on Wednesday. Legal arguments focus on whether the executive branch has the authority to hand out such a significant sum.
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The policy has been largely celebrated in Biden's own party, with many commentators speculating the loan forgiveness could be a major shake-up ahead of the midterms.
President Biden speaks about lowering costs for American families at Irvine Valley Community College, in Irvine, California, Friday, Oct. 14, 2022. (AP Photo/Carolyn Kaster / AP Newsroom)
However, members of the Democratic Party further to the left than Biden have said the measure doesn't go far enough, demanding full student loan forgiveness for all borrowers.
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Borrowers on average in the U.S. owe $37,667 in student loans according to the Education Data Initiative, though amounts owed can vary based degree and location.
The administration also said it considers the plan to be "fully paid for" by 2022 revenue earnings alone, which are on pace to lower the U.S. deficit by $1.7 trillion.
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Fox News' Caitlin McFall and Patrick Hauf contributed to this report.