You know by now that the White House announced a sweeping plan to forgive the student loan debt of millions of Americans—today, a U.S. district judge could decide to temporarily block Biden’s student loan forgiveness program from taking effect. In the face of these legal challenges, the administration prepares to launch the initiative to cancel up to $10,000 in debt for some borrowers and $20,000 for others.
On Tuesday, the Biden administration released a preview of the application, which was originally slated to be available “early October.” Here’s what we know so far about everything you need to submit your student loan forgiveness application in a few weeks.
When can you apply for student loan relief?
With early October quickly passing by, the Biden administration has said the debt relief application should be available later this month. According to NPR, senior administration officials confirmed they are “working hard to make sure the form can handle the traffic we anticipate” when it goes live by the end of October. The application will be available through Dec. 31, 2023.
Where can you find the application?
Officials said the application will be housed at a .gov website. It will be available in both English and Spanish on mobile and desktop devices. Paper applications will be available at a later date.
Your best source of information during this process will be the U.S. Department of Education and FAFSA, who should notify borrowers once the application is available. To be the first to be notified about when the student debt relief application is available, sign up for updates here.
What do you need to apply?
It requires only basic information, including name, birth date, Social Security number, phone number, and an e-mail address. No supporting documents (like tax records) or Financial Student Aid ID will be needed.
What happens after you submit?
Once you submit your form, FAFSA will review your application, determine your eligibility for debt relief, and work with your loan servicer to process your relief. Instead of having to provide documents that verify that you, as an individual, earned less than $125,000 in 2020 or 2021 or, as a couple, less than $250,000, the application simply asks borrowers to check a box to “certify under penalty of perjury under the laws of the United States of America that all of the information provided on this form is true and correct.
NPR reports that borrowers who fill out the application should see their debts canceled within a matter of weeks.