The Biden administration has launched the beta version of the student loan forgiveness application, allowing millions who have federally backed student loans to get in line to apply for the help.
More than 8 million borrowers have applied for forgiveness since the beta site launch over the weekend, the White House said.
The program, announced in August, will cancel $10,000 worth of student loan debt for those with federally backed student loans, and $20,000 worth of student loan debt for those who received Pell Grants.
Individuals who earned less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 annually in those years are eligible.
The application asks for name, Social Security number, email, phone number and some other information. Borrowers can apply for loan forgiveness without attaching any proof that they qualify for debt relief.
Though the website is still in test mode, if you apply for the debt relief during the beta period, you will receive a confirmation email. Your application will be processed when the site formally launches, expected later this month, DOE said.
Applicants should apply by Nov. 15 in order to receive forgiveness of the debt before the student loan payment pause ends on Dec. 31.
When the site officially opens, borrowers can expect the loans to be forgiven in four to six weeks, according to a tweet from Secretary of Education Miguel Cardona.
The program is facing lawsuits that challenge the Biden’s administration authority to grant the forgiveness of student loan debt. Last week a judge heard arguments for temporarily blocking the program.
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