Student Loan Forgiveness: What to Do If You’ve Already Applied

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The borrower has until 31 December 2023, Apply for student loan forgiveness., many are not waiting to start the application process. By applying now, borrowers who receive federal Pell Grants and meet income requirements can receive up to $20,000 in debt relief from the U.S. Department of Education.

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The question on every borrower’s mind is what happens after they apply for student loan forgiveness. What else do you need to do while you wait?

For those who have applied, Here are the next steps the Federal Office of Student Services is taking:

Your application will be reviewed

After you submit your student loan debt relief application, you will receive a confirmation email. Please note that it is not possible to check the status of your application through your StudentAid.gov account.

Once your application is submitted, it will be reviewed to see if you are eligible for debt relief.

Please answer the questionnaire: Do you think student loan debt should be forgiven?

We may contact you for more information

The Federal Office of Student Aid may contact you if further information is required. Reasons for contacting us include:

  • Documents that prove your income are required

  • Parents’ income details are required (this applies to borrowers registered as dependent students between 1 July 2021 and 30 June 2022)

  • The information you provided in your application does not match the department of education loan records

  • ED has determined that you do not have an eligible federal loan.

Instructions are emailed to the borrower who listens. Those who do not respond do not need to take any action to obtain further information.

You will be notified when your application is approved

After confirming your eligibility, the Federal Office of Student Aid will notify you and let you know how the debt relief applies. This information is provided to the loan servicer.

Debt relief applies to your loan

If the debt relief is approved, it will be applied directly to your account by the loan servicer. It may take some time for your account to be updated to reflect the debt relief adjustments, so it’s important to be patient.

The loan servicer will also let you know if the loan is currently paid in full or if there is an outstanding balance. If you have a balance remaining, your loan servicer will notify you of the new monthly payments when payments resume after December 31, 2022.

Debt forgiveness has been suspended: do I need to reapply?

Debt forgiveness is currently suspended. The Department of Education is temporarily blocked from processing debt forgiveness as a result of a court order. The Federal Office of Student Services continues to review applications and encourage eligible borrowers to apply.

Borrowers do not need to reapply. The Federal Office of Student Services said it would process discharges as soon as they were able to do so.

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This article originally appeared on GOBankingRates.com: Student Loan Forgiveness: What to Do If You’ve Already Applied

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