US President Joe Biden's much-touted student loan forgiveness is now live. On Monday, he lauded the official launch of the process, as the White House noted that more than eight million Americans have already enrolled in the&nbsp; programme during its soft launch.

"The new student loan application is now open. If you have federal student debt, please visit StudentAid.gov. It’s easy, simple and fast and it’s a new day for millions of Americans all across our nation," said Biden.

Watch |&nbsp;Joe Biden's student loan deductions to affect already skyrocketing inflation?

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He added that the "game-changing" portal's launch marks a "big step" that his administration has taken to "make a ticket to the middle class that folks can actually afford."

The website had its soft launch on Friday (14 October) and as per Biden it handled the initial applications without a glitch or any difficulty. The Friday launch allows application submissions but they were not processed till the official launch on Monday.

Also read |&nbsp;<a href="https://www.wionews.com/world/student-debt-cancellation-biden-waives-10000-in-student-loans-for-millions-509971">Student debt: Biden waives off $10,000 in loans for millions</a>

Unveiled in August, the programme will provide a $10,000 relief for borrowers with salaries less than $125,000. For recipients of Pell Grants, the relief doubles to $20,000.

As per AFP news agency, the plan is going to cost the government an estimated $400 billion. Republicans claim that this is a waste of government funds which could be put to better use.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-probe-reveals-trump-aides-blocked-correct-information-on-covid-526275" hreflang="en">US probe reveals Trump aides blocked correct information on Covid</a>

The Hill reports that many conservative groups and Republican state officials have even filed lawsuits seeking to end the loan forgiveness programme.&nbsp;

However, <a href="https://www.wionews.com/topics/joe-biden">Biden</a> claims that contrary to Republican claims of the programme being too costly, it will be paid for because his efforts will help bring down the deficit.

(With inputs from agencies)

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US President Joe Biden's much-touted student loan forgiveness is now live. On Monday, he lauded the official launch of the process, as the White House noted that more than eight million Americans have already enrolled in the programme during its soft launch.

US President Joe Biden's much-touted student loan forgiveness is now live. On Monday, he lauded the official launch of the process, as the White House noted that more than eight million Americans have already enrolled in the programme during its soft launch. "The new student loan application is now open. If you have federal student debt, please visit StudentAid.gov. It’s easy, simple and fast and it’s a new day for millions of Americans all across our nation," said Biden. Watch | Joe Biden's student loan deductions to affect already skyrocketing inflation? He added that the "game-changing" portal's launch marks a "big step" that his administration has taken to "make a ticket to the middle class that folks can actually afford." The website had its soft launch on Friday (14 October) and as per Biden it handled the initial applications without a glitch or any difficulty. The Friday launch allows application submissions but they were not processed till the official launch on Monday. Also read | Student debt: Biden waives off $10,000 in loans for millions Unveiled in August, the programme will provide a $10,000 relief for borrowers with salaries less than $125,000. For recipients of Pell Grants, the relief doubles to $20,000. As per AFP news agency, the plan is going to cost the government an estimated $400 billion. Republicans claim that this is a waste of government funds which could be put to better use. Also read | US probe reveals Trump aides blocked correct information on Covid The Hill reports that many conservative groups and Republican state officials have even filed lawsuits seeking to end the loan forgiveness programme. However, Biden claims that contrary to Republican claims of the programme being too costly, it will be paid for because his efforts will help bring down the deficit. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Joe Biden's 'game-changing' student loan forgiveness progamme launched; 8 million applications in already

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Joe Biden's 'game-changing' student loan forgiveness progamme launched; 8 million applications in already