The application for student loan forgiveness is online. How to register

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Americans with student loan debt can start applying for forgiveness after the Department of Education unveils a beta version of the application site on Friday evening.

Millions of Americans can now take their first step to cancel between $10,000 and $20,000 in federal student debt. The Ministry of Education says the app is “simple, easy to use” and can be accessed on its website.

The president announced a sweeping federal student loan forgiveness plan in August that applied to the majority of borrowers. Biden’s Plan allows borrowers who earn less than $125,000 to forgive $10,000 of federal school loan debt, while married couples are eligible for $10,000 per person in debt forgiveness if their joint income is less than $250,000 . Borrowers on Pell grants, which primarily target low-income students, are eligible for an additional loan forgiveness of $10,000, for a total of $20,000, if they meet income requirements.

While Biden’s loan cancellation plan was welcomed by those with student loan debt, he faced immediate challenges from political opponents. In the face of growing legal challenges, the The Biden administration has quietly reversed itself cancellation of the debt of hundreds of thousands of borrowers. According to updated tips of the Ministry of Education.

The White House still estimates about 43 million federal student loan borrowers are eligible for forgiveness, but most will need to complete the application to receive it. The Department of Education only has income information for about 8 million borrowers and recommends that every federal student loan borrower apply, even those who may automatically qualify.

Now that the application is live, here are some other key student loan forgiveness dates and details to keep in mind:

Important Dates and Details for Student Loan Forgiveness

November 15: Recommended deadline to apply

Start collecting your earnings information now, as the Department of Education recommends completing the application by November 15 to receive a rebate before payments resume in January. Once you submit your application, you can expect relief within 4-6 weeks if approved.

January 1, 2023: Resumption of student loan repayments

Federal student loan repayments are currently set to resume early next year after a three-year hiatus. Experts recommend budgeting for the future now that takes into account potentially lower monthly student loan repayments and using that time to focus on other important aspects of your finances. Build up an emergency fund, pay off high-interest debt, or invest in a traditional retirement plan, because these are areas where you can put your money to work right now.

December 31, 2023: Closing of applications

The Department of Education will continue to process student loan forgiveness applications through the end of 2023, but you must apply by mid-November to receive relief before the end of the waiver period. suspension of payments.

Pro tip

If you qualify for a discount, it’s important to update your contact information with your loan manager, check your mail or email for up-to-date information on your loans.

How to avoid scams and safely apply for student loan forgiveness

If you’re getting emails, phone calls, and text messages from unrecognizable numbers and people about canceling a student loan, be careful. Scams and misinformation related to Biden’s loan forgiveness are rife, and federal officials are sounding the alarm.

The White House recently announced its intention to repress on student loan scammers nationwide, and pointed out tips to help borrowers avoid student loan forgiveness fraud. Here are some do’s and don’ts, according to the Department of Education:

Not to do

  • Don’t pay anyone to cancel your loans. Applying for student loan forgiveness is free.
  • Do not give anyone your FSA ID, account information or password. The Department of Education or your loan officer will never call or email you asking for this information.
  • Never give personal or financial information to someone you don’t know over the phone.
  • Do not refinance your federal student loans unless you are aware of the risks. If you refinance your federal student loans into a private loan, you will no longer be eligible for Biden’s unique debt cancellation plan.

To do

  • Create an FSA ID on You won’t need it to request a discount, but it gives you easy access to important information about your loans.
  • Make sure your contact information is up to date with your loan manager. If you don’t know who your loan officer is, log in to your account at discover.
  • Sign up for email alerts at for important updates on Biden’s loan cancellation plan.

Report scammers to Federal Trade Commission.

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