Americans with student loan debt can start applying for forgiveness after the Department of Education unveiled a beta version of the application site Friday night.
Borrowers who earn under $125,000 can apply to cancel their loan between $10,000 to $20,000 in federal student loan debt. And married couples whose joint income is under $250,000 qualify for $10,000 per person in debt cancellation program.
The Process will resume on January 1, 2023. The application is free and easy to use.
According to The White House still, it is estimated that roughly 43 million federal student loan borrowers are eligible for loan forgiveness.
IMPORTANT DATES
November 15, 2022 : Recommended Deadline.
Jan. 1, 2023 : Student Loan Payments Resume
Dec. 31, 2023 : Application Closes
MORE INFORMATION
Need important information regarding your loans. Create a FSA ID on studentaid.gov. (It’s not needed to apply for forgiveness)
Make sure your contact information is up to date with your loan servicer. If you don’t know who your loan servicer is, log into your account on studentaid.gov to find out.
Sign up for email alerts at www.ed.gov/subscriptions to get important updates on Biden’s loan forgiveness plan.
Don’t pay anyone to forgive your loans. The application for student loan forgiveness is free.
Don’t give your FSA ID, account information, or password to anyone. The Department of Education or your loan servicer will never call or email you asking for that information.
Don’t ever give out personal or financial information to anyone over the phone.
Don’t refinance your federal student loans unless you’re aware of the risks. If you refinance your federal student loans into a private loan, you’ll no longer be eligible for Biden’s one-time debt cancellation plan.
FOR MORE INFORMATION, CHECK OFFICIAL SITE
