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President Biden’s student loan forgiveness plan is currently making its way through the U.S. court system for final approval. However, you shouldn’t wait to find out whether or not it goes through, as applications are available now. Even if you have a debt payoff strategy that’s already working, it’s worth your time to see if you’re one of the millions of Americans eligible for student loan forgiveness. Here’s how to do it.
The application is housed on the U.S. Department of Education website. You’ll need to gather some required information, like your current loan balance and the date of your student loan repayment.
Once you’ve gathered the necessary data, you’ll need to verify your eligibility. This can be done by checking a few boxes on the DOE website. If everything looks good, you’re ready to apply!
You’ll need to fill out an online application form and upload supporting documentation. Make sure to include any verification letters from your school or previous employers. Your application will be reviewed, and you may be contacted for additional information. If everything checks out, assuming forgiveness is approved by the courts, you’ll receive a notification that your application has been accepted or denied.
To be eligible for this round of student loan debt forgiveness, you must:
Americans with federal student loans can get up to $10,000 of their student loan debt canceled. If you have a Pell Grant and meet eligibility requirements, you can have up to $20,000 of student loan debt canceled.
“Up to” is a key phrase here, and you won’t receive any extra money should your balance be lower than $10,000 (or $20,000, respectively). So if your current balance owed is $7,230, you’ll have $7,230 in loan debt canceled only; you will not receive the remaining $2,770.
The DOE has listed the hierarchy it’ll use to disburse the debt cancellation:
To determine which agency holds your loans, log into the FSA website and select “My Aid.” In the “Loan Breakdown” area, you’ll see all loans taken out in your name. Click “View Loans” then “View Loan Details” and look for the name of your servicer. If it starts with “Dept. of Ed” or “Default Management Collection System,” your loans are eligible for forgiveness.
All student loan debt that’s federally funded is eligible for cancelation (should the order go through). The DOE will first use any eligible forgiveness you have to cover defaulted federal loans.
You’re still eligible to apply.
If the Supreme Court overrules the Biden Administration, not all hope is lost. There are other ways to apply for student loan forgiveness, though they’re more difficult to receive.
