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All you need to know about Biden’s Student Loan Forgiveness Application

The Joe Biden administration has launched a Beta version of the student loan forgiveness application.

Borrowers have been given the opportunity to apply. However, these are some of the things you need to know before you apply.

Where Can You Find the Student Loan Forgiveness Application

This initiative was launched by the Education Department. They have launched an online application for the new student loan forgiveness plan which is expected to provide $20,000 in loan forgiveness for federal student loans by the government.

Students are not expected to log in to the studentsaid.gov website using their FSA ID. All you need to do is fill out the online form, electronically sign and submit it. Meanwhile, there is a warning for borrowers of scammers. No third party is involved in this.

The Process of Applying for the Student Loan

Borrowers must simply provide their information. What is expected of them is their name, contact details and personal identity information like their social security number and date of birth. Borrowers must also certify, under penalties of perjury, that they earned less than $125,000 in income in either 2020 or 2021 in order to qualify for the student loan forgiveness.
Borrowers are expected to submit supporting documents with their applications. However, the Education Department will be doing subsequent follow-ups to ensure that the income information provided is legitimate.

What’s Meant by Beta Launch of the Student loan

The Education Department is testing its system with the beta launch to ascertain whether the system can contain pressure when the application is ready. However, persons who are going to submit their forms will have them worked on but may take some time.

No Processing of Student Loan forgiveness Request Yet

The processing of the student loan forgiveness will be latest by October 23, this is according to a court filing by the administration earlier this month. The Education Department has previously said to expect applications to be processed within a four-to-six-week period after submission.

Persons who are unable to apply should not panic because they have up until December 31 2023 to apply for student loan forgiveness. Meanwhile, a strict timeline has not been announced by the Education Department.

It is expected that the initiative will have several lawsuits that will help shape it in the coming days.

 

Source: MyNewsGh.com

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