What The Tech: Student Loan Forgiveness
You can now submit an application for student debt loan forgiveness. The program, supported by the Biden administration offers borrowers $10,000-$20,000 in loan forgiveness depending on if it is a Pell Grant or non-Pell Grant and how much the borrower earned in 2020 or 2021.
With Millions of student-loan borrowers waiting to submit applications to have some of their debt forgiven, the Department of Education has opened its application website in Beta form to test if the website can handle traffic and applications.
The department is asking people who qualify to participate in a beta test of the application process. It’ll give the government the opportunity to repair any problems that arise from millions of people accessing the site at the same time.
The application can be found at studentaid.gov. It is very simple, requiring only the name of the student loan borrower, their social security number, date of birth, phone number, and email address. That’s it. The application takes only a few minutes to complete.
Submitting the application ahead of the official launch doesn’t necessarily mean you’ll receive the debt relief sooner, as it will be processed when the website officially launches.
Who qualifies? Individuals who made less than $125,000 in 2021 or 2020 and families that made less than $250,000 in 2021 or 2120.
There are also challenges to President Biden’s debt relief that is currently being debated and heard by a federal judge.
Student loan scams are on the uptick, these are most likely going to be through email and phone calls. You’ll know it’s a scam if the message asks for upfront fees to speed up your claim, or that they have connections with the Department of Education. Filing a claim is free, and there’s nothing you, nor anyone else can do, to speed up the process.
The official website should launch before the end of the month and stay open through December 2023.
The Department of Education states on the application website that if your application does not go through, try again as they test the website.