It’s official: the Biden administration has released the first model of the student loan forgiveness program, and borrowers are able to apply for it now. But there are some points to be aware of before applying.
Where To Find the Student Loan Forgiveness Application
The Education Department has launched an online application for Biden’s upcoming student loan forgiveness program, which could grant up to $20k in loan forgiveness to federal students who have loans managed by the federal government.
Applications are accessible here through the StudentAid.gov website. Borrowers are not required to sign in to the StudentAid.gov website with their FSA ID (their unique username and password). Just fill out the form online, then electronically fill it out, and then return it.
The Education Department has been warning the borrowers of fraudsters. You can apply directly via the official online application portal. You do not have to use a third-party company.
The Application Process for Student Loan Forgiveness
Borrowers need to provide details (name as well as contact details as well as personal information such as Social Security number and date of birth). They also have to prove under penalty of perjury that they had less than $125,000 (or not more than 250,000 if married) in the years 2020 and 2021 to be eligible for debt forgiveness in Biden’s proposal. It is possible to learn more details about the eligibility requirements for the one-time forgiveness of student loans initiative on the Department of Education’s website.
The borrower should be provided with an email confirming their submission to keep for their documents.
The borrower will not be required to provide supporting documents with their application. However, they must submit supporting documentation. Education Department will subsequently follow up with the borrowers of several million during the following year or more to confirm the income of the borrower. It is recommended to submit a copy of your tax return should you get a similar request.
What a ‘Beta Launch’ of the Student Loan Forgiveness Application Means
This is the first beta launch of the application for student loan forgiveness. That means this is a test launch. Education Department is using this first launch to evaluate the process and make changes prior to making the application more accessible to the public. It’s a genuine application as the Education Department says it will be reviewed (and it won’t require you to submit it again) however, you will not receive immediate relief.
Additionally, a large amount of traffic could result in the beta app may be temporarily unavailable. A few users reported issues in the last hour. At the time of time, the application is actually temporarily unavailable.
“Thanks for visiting the Student Loan Debt Relief Application,” reads a message on the site for the application. “We’re giving you access to the application to aid us in getting ready for the official launch. We thank you for your desire to reduce debt and encourage you to check for updates soon.”
No Processing of Student Loan Forgiveness Requests Quite Yet
If the application is legitimate and legitimate, there is no guarantee that the requests for forgiveness of student loans will be considered. The latest request can be considered and approved on October 23 in accordance with an application to the court filing that was made by the administration earlier in the month.
The Education Department has previously said that applicants should be processed within a 4-to-6 weeks after the application.
Full Application Launch is Coming Soon
If you’re unable to use the beta application do not panic as you’ll be able to apply until December 31, 2023, to apply. It’s not clear when the application will be available. Education Department has not provided any specific dates for the expanding application access however, it is expected to happen at some point later in the month.
There are a number of lawsuits aimed at preventing the program. If the court decides to dismiss the preliminary proceedings in such suits the program may be delayed or even blocked. A hearing this week could be a possible initial test and the court could issue a ruling on an interim injunction as soon as this week.