(CTN News) – A beta version of the Biden administration’s Student loan forgiveness application has been launched, and borrowers can begin applying today for forgiveness of their student loans.
However, there are a few things you need to know before you get started.
Where To Find the Student Loan Forgiveness Application
As part of Biden’s new student loan forgiveness plan, the Education Department has launched an online application form that can qualify for loan forgiveness of up to $20,000 for federal student loans administered by the government under the plan.
By clicking here, you can apply for Student Aid directly through the StudentAid.gov website. A borrower does not need to log into the StudentAid.gov website using their FSA ID (their unique username and password).
All they need to do is complete the online application, electronically sign it, and submit it.
The Education Department has issued a warning to borrowers about scammers.
The application process can be completed directly through this official online application portal – you do not have to go through any third parties for the application process.
The Application Process for Student Loan Forgiveness
To apply for a loan, the borrower simply needs to provide their personal information (name, contact details, and personal identifying information like their Social Security number and date of birth).
A person must also certify, under penalty of perjury, that he or she earned less than $125,000 in income (or less than $250,000 if married) in either 2020 or 2021 to qualify for a student loan forgiven under Biden’s plan.
It is possible for you to find more information about the eligibility requirements for the one-time student loan forgiveness initiative on the website of the Education Department.
For your records, you should receive an electronic submission confirmation from the borrower.
The borrower does not have to submit supporting documents to apply for a loan.
As a result, the Education Department will follow up with several million borrowers over the course of the next year or longer to verify their income information.
If you receive such a request, you should be prepared to provide a copy of your tax return.
What a ‘Beta Launch’ of the Student Loan Forgiveness Application Means
The student loan forgiveness application is currently being tested in a beta version.
As a result, the Education Department is using this initial launch of the application to test the process and make improvements before it is made available to a wider audience.
It is a real application, and the Education Department says that it will be processed (and you will not have to resubmit it) but will not receive any relief immediately.
A high volume of traffic may also result in the beta application becoming temporarily unavailable if there is a high volume of traffic.
There were already reports of problems last night from some users. As of the time of this writing, the application is indeed temporarily inaccessible as of this writing.
On the website, a message is displayed that says,
“Thank you for visiting the Student Loan Debt Relief Application.”We are providing periodic access to the form as we prepare for the program’s official launch.”We appreciate your interest in debt relief and invite you to check back soon.”
No Processing of Student Loan Forgiveness Requests Quite Yet
It is important to note that while the application is legitimate, no student loan forgiveness request will be processed immediately.
According to a court filing by the administration earlier this month, the earliest date by which any request will be processed and approved will be October 23.
The Education Department has previously stated that it expects to process applications within a four-to-six-week period following their submission.
Full Application Launch is Coming Soon
If you cannot access the beta application, don’t panic – you’ll still have time to apply until December 31, 2023, if you cannot access it now.
The Education Department has not yet provided a firm timeline for when a broader version of the application will be available, but it is expected to occur by the end of the month or early next month.
There are, of course, several lawsuits that are seeking to block the implementation of the initiative. There is a possibility that the program may be delayed or blocked depending on the outcome of the preliminary hearings in these suits.
It is possible that a court may issue a preliminary injunction as soon as this week based on a hearing earlier this week, which may be an early test for the court.