On Oct. 17, the U.S. government launched the application for student loan forgiveness. The official application follows the release of a test application that went live on a beta site last week on Oct. 14. The White House tweeted, “The Student Loan Debt Relief application is open! Apply now and encourage others to take advantage of this relief.”
The student loan forgiveness application comes months after President Joe Biden announced his plan for student loan forgiveness on Aug. 24. Since his announcement, millions of Americans have been eagerly waiting for the application to drop, with about 95% of Americans with student debt expected to qualify for relief, according to CBS. Read on for everything you need to know about the application, including how and when to apply.
Where can I apply?
To apply for student loan forgiveness, head to the online application on the StudentAid.gov website. The website includes a brief summary of who qualifies for the application — individuals who made less than $125,000 in 2021 or 2020 and families that made less than $250,000 in 2021 or 2020 — as well as more detailed information about how the process works.
How long is the application?
The student loan forgiveness application takes only several minutes to complete and just includes two sections. The first section is “Borrower Information,” and the second is “Review and Submit the Agreement.”
How does the application work?
Under the first section titled “Borrower Information,” all you need to fill out is your first and last name, social security number, date of birth, phone number, and email. Yep, that’s literally it — you don’t need your FSA ID or any other documentation. It really is that simple!
After that, under the second section titled “Review and Submit the Agreement,” just read the agreement and electronically sign it by filling out your first and last name. The agreement states that you’re requesting student debt relief of up to $20,000 and that you’ll provide proof of income to the U.S. Department of Education, that you verify that you are the individual named in the first section, and that you meet one of the following qualifying criteria that are listed.
When can I expect student debt relief?
After submitting the application, borrowers can expect to receive relief within four to six weeks. If the government needs any additional information from you, they’ll reach out to you, and your loan servicer will let you know once your application has been processed. Easy peasy!
When do I need to apply by?
Borrowers can apply for relief no later than Dec. 31, 2023. However, if you want to receive immediate relief before the student loan payment pause ends on Dec. 31, 2022, make sure to apply before Nov. 15.