Everything You Need to Know About the Student Loan Forgiveness Application so Far
You already know that the White House has announced a massive plan to write off student loan debts of millions of Americans – today a US district judge may decide to temporarily block the entry into force of the Biden program to write off student loans. In the face of these legal challenges, the administration is preparing to launch a debt relief initiative of up to $10,000 for some borrowers and $20,000 for others.
On Tuesday, the Biden administration released a preview of the app , which was originally scheduled for release in early October . Here’s what we know so far about everything you need to apply for student loan forgiveness in a few weeks.
When can you apply for student loan relief?
As the start of October passed quickly, the Biden administration said the debt relief application should be available later this month. According to NPR , senior administration officials confirmed they are “working hard to make sure the form can handle the traffic we expect” when it launches by the end of October. The application will be available until December 31, 2023.
Where to find the application?
Officials said the app will be hosted on the .gov website. It will be available in English and Spanish on mobile and desktop devices. Paper applications will be available later.
The best source of information during this process will be the US Department of Education and the FAFSA, who should notify borrowers as soon as the application is ready.Sign up for updates here to be the first to be notified when a student debt relief application becomes available.
What do you need to apply?
First, check if you qualify for student loan forgiveness (for example , find out if you have a Pell Grant ). The White House tweeted that the application would be “short and simple.”
It only requires basic information, including name, date of birth, social security number, phone number, and email address. No supporting documents (such as tax returns) or proof of student financial aid will be required.
What happens after sending?
After you submit the form, the FAFSA will review your application, determine your eligibility for debt forgiveness, and work with your loan officer to process your write-off. Instead of providing documentation that you as an individual earned less than $125,000 in 2020 or 2021, or as a couple less than $250,000, the app simply asks borrowers to check a box to “certify under penalty of perjury in accordance with the laws of the United States of America, that all information provided on this form is true and correct.
NPR reports that borrowers who fill out an application should see their debts written off within a few weeks.