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Saturday, December 03, 2022

How to apply for federal student debt forgiveness

The White House launched trial application Oct. 14

The loan forgiveness plan will reduce or erase the debt of up to 43 million Americans, including select UF graduates, if the U.S. Supreme Court doesn’t block it.
The loan forgiveness plan will reduce or erase the debt of up to 43 million Americans, including select UF graduates, if the U.S. Supreme Court doesn’t block it.

The White House quietly launched the first version of the application to access sweeping student debt relief the evening of Oct. 14.

Applicants can now submit their information as President Joe Biden’s administration makes last-minute changes to the relief program’s official website. Eligible borrowers may apply in the website’s beta testing period before it officially opens later this month. Applications submitted during this period will count as a submission when the final version of the website launches, and applicants will not need to reapply.

Biden announced the program, which would forgive up to $20,000 of student debt for some, in August. The application opens just a few weeks after Biden announced new program eligibility guidelines, which put borrowers who didn’t consolidate private loans with a federal loan out of the running for relief.

The application only requires a full name, date of birth, phone number, email and social security number. Borrowers who took out federal student loans, met the consolidation criteria for private loans and made less than $125,000 a year as a single tax filer or made less than $250,000 a year as a joint tax filer are eligible for loan forgiveness.

Borrowers who make less than $125,000 annually and received a Pell Grant are eligible for up to $20,000 in relief, while borrowers who make less than $125,000 annually but didn't receive a Pell Grant are eligible for up to $10,000 in relief.

Applications will close Dec. 31, 2023. Borrowers can access the application here.

Contact Heather at hbushman@alligator.org. Follow her on Twitter @hmb_1013.

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Heather Bushman

Heather Bushman is a fourth-year journalism and political science student and the enterprise elections reporter. She previously wrote and edited for the Avenue desk and reported for WUFT News. You can usually find her writing, listening to music or writing about listening to music. Ask her about synesthesia or her album tier list sometime.


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