Student Loan Forgiveness Application Imp Dates

On Friday evening, a “beta test” of the application for student loan forgiveness application went live,

The test application from the Department of Education is a long-awaited first step in the policy announced in late August,

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[{"selector":"#anim-482e7582-7e0c-4ac0-a704-310e4225d903","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-429bbfcd-4915-4577-a252-deff5ae0fb4d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-278fb632-05e0-4a86-85c8-1f001522424b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1911ceb2-28ee-4401-b15a-b0937c508bda","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-7211f60a-d0d1-4b84-b97d-c81b167c43e5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a4c6da6e-94a3-49d2-a0f7-edad27ffcfd5","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Allowing people with federal student loans to apply for up to $20,000 in debt relief, depending on the type of financial aid they received and their income. Pic Credit: Google

Borrowers will be able to submit applications for the student debt relief program during the beta testing period and will not need to reapply

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[{"selector":"#anim-97954857-3962-46f4-91b1-d97087e4333c","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-766763ae-442a-4e3f-8070-ae85a0c69766","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-89aac871-9888-4bad-a1d9-d76fcc7299f5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ed005cdb-fd63-4a97-a78d-10296f0fcd07","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d70d65d2-5183-4b76-8181-d727bcd69d61","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4ee331b9-383d-445a-bcd2-5c79f4d6f1d5","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] People who received Pell Grants for college, a type of aid given to students from low-income families, will receive the most debt relief — up to $20,000 Pic Credit: Google

Anyone earning less than $125,000 in the 2020 or 2021 tax years, or less than $250,000 as a couple, is eligible for the relief.

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[{"selector":"#anim-c29facd1-da9c-4d0e-a96e-346e97a90856","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cbdc2853-ac9e-4fb6-90a3-42d4ade166cc","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-746177fb-aaa9-4b07-9387-0e27687fb866","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e6d89c96-cca6-4490-9279-8f8017215fd4","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-9648b38c-6208-4e16-848d-2b949f969594","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d993897b-b110-48b1-aad8-aefe6dd965d9","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Borrowers should apply by mid-November to have their loans canceled by the time the moratorium on student loan payments ends on January 1, 2023, Pic Credit: Google

[{"selector":"#anim-68f586ff-e64a-4c22-a3d1-0fdf9db4e601","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7149b5b6-0a2a-4609-936d-43f44ecce2e9","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-eaeec27b-23de-4ec4-9cc2-1e7f25f3004e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4968df7c-2614-45cb-a27e-b6e20b24967c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d28882f2-81bb-451f-8cf1-5da256f3b81f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-da1bfede-06ec-4eff-80ed-1e401b08f058","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Biden administration estimated that the late-September rule change disqualified approximately 700,000 people from the policy. Pic Credit: Google

[{"selector":"#anim-f253ada2-8bf1-4e36-8aa8-b34ac43b24b9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-75fa09ec-b7b1-428b-8f92-de2b28980bf0","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5e80557f-6546-4027-b93b-eb689a1e7278","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0edc9681-5637-4d58-9b23-8f1551164925","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ed14861e-b219-40d3-aa60-d80bae37a329","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-08ca4fda-2e12-441a-b6b3-b8d108a526aa","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] According to the White House, the policy will apply to 43 million Americans, with 20 million having their debt completely erased. Pic Credit: Google Learn more