Borrowers concerned about change to student loan forgiveness eligibility

Rochester, N.Y. — Within days, millions of people will be filling out student loan forgiveness applications.

But some of the requirements are changing, and many borrowers are concerned their debt won't be wiped out.

President Biden announced a student loan forgiveness plan in August that would wipe out up to $10,000 in student loan debt for federal student loan borrowers earning $125,000 or less, or household that earned $250,000 or less.

Individuals with Pell Grants, given to low-income students, can receive up to $20,000 in forgiveness.

Last week, the Department of Education announced an eligibility change that eliminated thousands of borrowers with federal student loans owned by private lenders.

Jeremy Carestio, a teaching assistant at Brighton High School, has $19,000 in student loan debt. He's waiting for the application to go live so he can apply.

"As far as I know, I am eligible for the $20,000," Carestio said. "But obviously the application is not out yet, so we will just have to see what happens."

Though millions of people like Carestio are thankful their debt will be erased, others believe the program is unfair.

“Well in the future, I'm not going to get anything," said Kasey Cody, a mechanic who said he couldn't afford college. "I'm responsible, and I saved for my kids, and I know my kids will be responsible to save for themselves when they get old enough. That's just how I view It."

The Department of Education recommends eligible borrowers apply before Nov. 15 to have their loans forgiven before federal loan payments resume in the new year.