The application for student loan forgiveness is online: steps to follow
The Biden administration officially kicked off the application process to receive federal student loan forgiveness with a beta version of the website that went live over the weekend. About eight million borrowers submitted applications in the first few days, the White House said in a statement.
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You can access the online application form by going to the United States Department of Education website. Federal Student Aid website. The application itself should only take a few minutes to complete, officials said.
The top of the application provides general information about the Federal Student Debt Relief Program, who qualifies, and how it works. Federal student loan borrowers with an annual adjusted gross income (AGI) of less than $125,000 in 2020 or 2021 — or $250,000 for households — will be eligible for up to $10,000 of forgiven debt.
Those who received Pell Grants will be eligible for up to $20,000 in forgiven debt.
In the first section of the application, titled “Borrower Information”, you will be asked to provide your full name (including a former last name if applicable), social security number, date of birth, your phone number and email address.
The second section, titled “Review and Submit Agreement,” will ask you to confirm that you are applying for federal debt relief for student loans up to $20,000 and that you meet the eligibility requirements. You must also agree to provide proof of income to the Education Department by March 31, 2024, if requested by the agency. You will then be asked to re-enter your name and confirm that all the information you provided is true and correct.
The Department of Education recommends that you apply for student debt forgiveness before mid-November if you want it applied to your account before federal student loan payments resume in January 2023. The payment pause that is in place for more than two years must come to an end. December 31, 2022. If you miss this deadline, you still have until December 31, 2023 to complete the application.
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Once you submit a request, it will be processed and you will not need to submit another one. You also don’t need to upload supporting documents or use your FSA ID to submit the claim, CNET reported. The app is available through desktop and mobile browsers in English and Spanish.
After submission, your application will be reviewed to determine your eligibility for debt relief, and the education department will work with your loan officers to process the relief. You will receive an email after submitting the request notifying you that it has been successfully received.
The department will contact you if they need proof of income or other information. You will also receive email updates when your application is approved and sent to your loan officer for processing. Your loan officer will notify you after approving your relief and apply it to your account.
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