Here’s a preview of what to expect on the student loan forgiveness application
Student loan borrowers got a glimpse of the debt forgiveness application via Twitter.
One-time student loan forgiveness is inching closer and closer, and the Biden administration just released a sneak preview of the application via Twitter alerts from the White House.
While it’s not available to fill out and send in yet, you can at least get an idea of what you’ll need to do once the application is live on the U.S. Department of Education website.
The application will be available in English and Spanish, according to the White House, and it can be filled out on a desktop computer or mobile device. A paper version of the application will also be made available at a later date.
Let’s break it down.
When will the application become available?
Later this month. Originally, the application was going to go live in “early October,” but now the Biden administration has pushed it back to later in October. Here’s what you need to know about eligibility.
You can subscribe to the Department of Education’s newsletter to be notified when the application officially becomes available. For more information, visit the Department of Education’s FAQ.
Once the application is made available you will have until Dec. 31, 2023 to submit it and recieve debt relief. But experts advise applying as soon as possible.
The student debt relief application will be:
— The White House (@WhiteHouse) October 11, 2022
✅Short and simple
✅No supporting documents or FSA ID needed
✅Available in both English and Spanish, and on both mobile and desktop devices pic.twitter.com/mhOTxPLwEx
What information you will need to apply
As noted in previous reports, no supporting documents will need to be submitted immediately with the application and no Federal Student Aid ID will be required.
You just need some very basic information that identifies who you are. Here’s what the application asks for:
Full name
Phone number
Email
Social Security number
Date of birth
The U.S. Department of Education will use this information to verify your income on your 2020 or 2021 tax returns, and make sure you’re eligible for the one-time student loan forgiveness.
They will then work with your loan servicer to process your debt relief. Here’s a breakdown of how the process works.
Borrowers with loans held by Education Department are eligible for this relief if their annual income was less than $125,000 for individuals or less than $250,000 for married couples filing jointly or those filing as head of household in 2020 or 2021.
Some will see up to $10,000 in federal loans forgiven. Others would see up to $20,000 in debt relief if they had a federal Pell Grant while in college.