How to Apply for Student Loan Forgiveness Now
As millions of Americans race to apply for Biden’s student loan cancellation before the end of the year, the US Department of Education has launched a beta version of the federal student loan debt cancellation form . Here’s what you need to know about the current state of the application process and whether it makes sense to submit it as soon as possible.
Should you apply for student loan forgiveness now?
The purpose of this beta launch is for the Department of Education to refine its processes before the official uniform is launched. The good news is that if you apply, it will be processed and you won’t need to reapply. Otherwise, there is no significant risk to try this beta. As CNET explains , the only reason you can delay applying is because you are currently working on student loans that you have already paid off.
Keep in mind that the app will be available and disabled during this beta testing period. If you try to use this version and it is not available, it can only be closed temporarily. You can come back and try again later.
When will the official app be ready?
While we don’t have a specific date, the official launch of the app is scheduled for the end of this month and will remain open until December 31, 2023. application as soon as possible.
What do you need to apply?
Luckily, the app is ” 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.
Applications are for individuals who earned less than $125,000 in 2021 or 2020 or families who earned less than $250,000 in 2021 or 2020. Here’s what else you need to check to see if you’re eligible for student loan forgiveness (for example , find out if you have a pellet grant ).
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 under the laws of the United States of America, that all information provided on this form is true and correct.”
Student loan debt will not be canceled until October 23, 2022, but NPR reports that borrowers who fill out an application should see their debts canceled within a few weeks. Again, here is the app page for the beta.