10:35
Current students and graduates with an outstanding loan balance may apply for the program, which states that the goal is to \"pay off your debt - so you can start living your best life.\"
\"College is great but student loans suck,\" the promo says.
![\"PHOTO:](\"http://a.abcnews.com/images/GMA/grown-ish1-ht-ml-190103_hpEmbed_3x2_384.jpg\")
The program is now taking first round submissions on myscholly.com or the Scholly app. Winners will be announced at the 2019 Freeform Summit, with additional details to be announced later.
Student loan debt is the U.S. totals nearly $1.5 trillion, according to the National Center for Education Statistics. Moreover, nearly 74 percent of first-generation students in the class of 2015-2016 borrowed money for their education.
Meanwhile, the sophomore season of \"grown-ish\" returned Wednesday with two back-to-back episodes.
As previously reported, this season will follow Zoey, played by Yara Shahidi, and her friends as they take on their sophomore year at CalU with \"confidence and swagger.\" Although they think they have their second year on lock, they soon find out they're \"not as grown as they think.\"
Freeform and ABC News are both owned by parent company Disney.
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