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President Biden’s Student Loan Forgiveness Application has officially opened Borrowers can initiate applications for debt forgiveness of up to $20,000.
The U.S. Department of Education released a beta version of the form last week to test and find issues with the site before its official launch. More than 8 million borrowers have already applied for debt relief since Friday, and no glitches or crashes have been reported, according to the White House.
Biden’s plan is to write off up to $10,000 of debt if he earns less than $125,000 a year and up to $20,000 if he receives a Pell Grant.
It’s hard to imagine more expectations shape More than tens of millions of federal student loan borrowers need to complete to qualify for Biden’s debt relief plan.
Application uptime: The Department of Justice said in legal documents that it will not “forgive student loan debt under the Debt Relief Plan prior to October 23, 2022.”
This application is available until December 31, 2023.
Where the application is posted: the application is I live on Studentaid.govavailable in English and Spanish.
What your application requires: As U.S. Secretary of Education Miguel Cardona told NPR a few weeks ago, the application is very simple. We only need basic information such as name, date of birth, social security number, phone number and email address.
Borrowers do not need what is called an FSA ID to log into the application, nor do they need to upload documents containing tax records.
Do borrowers have to prove they meet the conditions? Plan income requirements? Instead of submitting documentation proving that you will have less than $125,000 in income for 2020 or 2021 as an individual or less than $250,000 as a couple, the application will be submitted to the borrower under penalty of perjury. Just check the box that says “I certify”. Please ensure that all information provided on this form is true and accurate according to United States law. ”
A senior government official told reporters that the U.S. Department of Education will closely match the information applicants provide with loan and income information already submitted. If there are discrepancies, the department will “work with the borrower to secure additional documentation.”
About 95% of borrowers must meet these income criteria, the official said, but it’s not clear how many the department will flag for additional income verification.
How long does it take the department to process each application? When asked by NPR how long borrowers who filled out applications would have to wait for their debts to be canceled, a senior government official said, “It’s a matter of weeks.”
Timing is key, as the department wants to forgive as much debt as possible before student loan payments resume in January.
In September, Cardona told NPR, “I’ll tell you. [by] January 1st when [loan repayment resumes], everything should be set. So, between October and when loans resume, we know that all borrowers not only need the information, they have to complete the process. ”
In a phone call with reporters, senior government officials said they supported Cardona’s timeline and said it plans to expedite the application in November and December, forgive the debt in January, and reduce confusion for borrowers. rice field.