It is informed that student loan forgiveness applications have now launched Federal Student Aid Beta. All eligible applicants can start their application on the Debt Relief Application BETA launch website https://studentaid.gov/debt-relief/application.
Student Loan Debt Relief Application Beta Launch 2022
According to the Federal Student Aid website, you can fill out the form for an application for student loan relief before the program’s official launch.
The applications were made available on the website on Friday during the debt relief application beta launch. According to the Education Department, action will also be taken on submitting the application soon. You do not need to apply again when this programme officially opens.
The Student Loan Debt Relief Application scheme was announced by President Joe Biden in August, and is expected to provide debt relief to millions of borrowers.
The Student Debt Relief Plan will forgive up to $10,000 in federal student loans for those who make less than $125,000 per year, or $250,000 for homes, and up to $20,000 for Pell Grant recipients.
Student loan relief is limited to the amount of each individual loan outstanding, so your loans will be forgiven if you owe $15,000 and qualify for $20,000 in relief. But you won’t get a $5,000 credit for the loan balance you’ve already paid off.
According to the education department, the official launch of the One-time Federal Student Loan Debt Relief program will be in October, and the last date to apply will be December 31, 2023.
How to Apply for Student Loan Debt Relief Application Beta Launch?
To fill out the debt relief application beta launch, follow this link: https://studentaid.gov/debt-relief/application on the White House website.
Then just scroll down. Enter your information and click “Submit.” (Note: this is in the beta version.)
You are not required to login or provide any documents during the application process. And federal student aid will reach you directly after the borrower has submitted an application if additional information is needed, Education Department officials said.
Note: For those who cannot or are unable to apply online, a paper version of the form will be made available. You will have until the end of 2023 to apply.
Note: The moratorium on student loan payments has been extended to December 31, 2022, and payments for student loans will resume in January 2023.
Next, due to the coronavirus pandemic, payments on student loans were initially stopped on March 13, 2020, along with accruing interest on those loans.
20k student loan forgiveness application