Applying for student loan forgiveness under the Biden administration’s beta programme is now open to borrowers. However, there are a few things you should know before.
Table of Content-
1. Where To Find the Application for Student Loan Forgiveness
2. Application Process for Student Loan Forgiveness Program
3. What does the ‘Beta Launch’ of the Student Loan Forgiveness Application Means
4. No Processing of the Requests Quite Yet
5. Full Application for Student Loan Forgiveness will be launched soon
Where To Find the Application for Student Loan Forgiveness
For Biden’s new student loan forgiveness programme, which can offer up to $20,000 in loan forgiveness for federal student loans handled by the government, the Education Department has made an online application available.
You can access the application here on the StudentAid.gov website. Borrowers are not required to use their FSA ID, which serves as their personal username and password, to sign in to the StudentAid.gov website. Simply complete the online form, sign it digitally, and submit it.
Borrowers have been cautioned by the Education Department about con artists. You don’t need to go through a third party company to apply; you may do it straight through this official online application page.
Application Process for Student Loan Forgiveness Program
The Students simply will have to provide their information such as name, contact details, and personal identifying information (Social Security number) and date of birth. They should also certify, under penalties of perjury, that they have earned less than $125,000 in income (or less than $250,000 for married students) in either 2020 or 2021 to qualify for this student loan forgiveness under President Joe Biden’s plan. The students can know more about the eligibility rules for the one-time student loan forgiveness initiative via the Education Department’s official website.
Borrowers will receive an electronic confirmation of online submission for your records.
The students will not have to submit any supporting documentation with their applications forms. However, the Education Department will later follow up with several million candidates over the coming year or longer to verify their income information. The student should be prepared to provide a copy of their tax return if they receive any such request.
What does the ‘Beta Launch’ of the Student Loan Forgiveness Application Means
This is a beta version of the Student Loan Forgiveness Application. This means that the Department of Education will use this initial launch to test and make improvements to the process before the application becomes widely available. This is an actual application and the Department of Education says it’s being processed (no need to resubmit), but you won’t get immediate relief.
Additionally, high traffic levels may make beta applications temporarily unavailable. Some users have already reported the issue last night. As of this writing, the application is actually temporarily inaccessible.
“Thank you for visiting the Student Loan Debt Relief Application,” read the message on the application’s website. “We are providing regular access to the form to help prepare for the official launch. Thank you for your interest in Debt Relief. Please check back soon.”
No Processing of the Requests Quite Yet
Although the application is legitimate, student loan forgiveness applications are not processed immediately. At the earliest, it will not be processed and approved until October 23, according to documents filed with the court earlier this month by the government.
The Department of Education previously announced that they would be processed within four to six weeks after the application was submitted.
Full Application for Student Loan Forgiveness will be launched soon
Don’t worry if you can’t access the beta application; you still have until December 31, 2023, to do so. Although the Education Department has not given a specific date for when the broader application will be available, it should happen later this month.
Of course, the initiative is being challenged in a number of court cases. The programme might be postponed or stopped depending on the results of preliminary hearings in these lawsuits. A preliminary injunction hearing earlier this week would have been a good early test, and the court might decide on one this week.
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