The Biden administration launched the official beta version of the student loan forgiveness application Friday night, the first step in relieving millions of Americans of student debt.
The big picture: Biden’s student loan forgiveness plan has faced a number of legal challenges as well as criticism from Republicans and some Democrats in battleground states.
How to apply for student loan forgiveness online
Details: The Biden administration’s student loan forgiveness application is officially live, allowing student borrowers to apply for relief through an easy application process. Go here.
- “We’re accepting applications to help us refine our processes ahead of the official form launch. If you submit an application, it will be processed, and you won’t need to resubmit,” the website reads.
Zoom in: Borrowers can apply without attaching any proof or documentation that they qualify for debt relief.
- The simple application requests borrower information, such as name, social security number, email, phone number and more.
- Individuals who make less than $125,000 per year, and married couples who earn under $250,000, qualify for forgiveness.
- The plan could cancel up to $20,000 in student debt for Pell Grant recipients and up to $10,000 for individual borrowers.
- Borrowers can expect relief in four to six weeks, Secretary of Education Miguel Cardona said.
When to expect student loan debt relief payment
Dates to watch: Those interested in debt forgiveness have until the end of the year to make it happen. The application will be available from October 2022 through December 2023, the White House previously said.
- Nov. 15: Applicants should apply by this date in order to receive forgiveness before the student loan payment pause ends, according to ABC News.
- Dec. 31 will be the final deadline to apply for student loan forgiveness as that is the same day when the payment pause stops.
- Jan. 1, 2023: Regular student loan payments will begin again.
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