Applicants are now able to start the process
of applying for student loan forgiveness as the federal government released a preliminary application form. According to CNN, it went live late Friday night, allowing people to submit before the website is formally unveiled later this month.
A spokesperson for the Department of Education told CNN, “Tonight, the Department of Education will begin beta testing the student debt relief website. During the beta testing period, borrowers will be able to submit applications for the Biden-Harris Administration’s student debt relief program,”
So how does this work? As the news site notes, those who apply for the debt relief in the beta period will receive a confirmation email. It was noted that applications will not be processed until the site formally launches, which is expected to be announced before the end of October. Once processing begins, most qualifying borrowers are expected to receive debt relief within weeks, CNN reports: “Those borrowers will not need to reapply if they submit their application during the beta test, but no applications will be processed until the site officially launches later this month. This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch,” the spokesperson said.
As we previously reported, back in August, President Joe Biden announced he would cancel at least $10,000 in student loan debt for millions of borrowers, as well as $20,000 to Pell Grant recipients. The move comes months before the midterm elections. It was also move to deliver on his key campaign promise during the 2020 presidential election.
Who’s Eligible?
CNN reports that “Individuals who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years are eligible for up to $10,000 of their federal student loan debt forgiven. The income thresholds are based on adjusted gross income.”
After submitting the application once website officially launches, most qualifying borrowers would receive debt relief within weeks.
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