THE EDUCATION DEPARTMENT HAS LAUNCHED A BETA SITE FOR STUDENT LOAN FORGIVENESS APPLICATIONS.
|Student loan forgiveness application|
The United States Department of Education launched a beta test of its student debt relief application website on Friday. Under the Biden administration's plan, approximately 95% of Americans with student debt are expected to be eligible for loan forgiveness.
According to the Education Department, the beta site will be available "on and off" until the full launch, which is expected later this month.
Those who used the beta site will not need to reapply after the full launch, according to the department. However, "there is no advantage to applying before the full launch," according to the department's website.
According to the department, the application takes about five minutes to complete.
In August, President Biden announced that his administration would forgive up to $20,000 in student loan debt for millions of Americans. Under the new plan, nearly 20 million people will be eligible for full debt cancellation.
During a call with reporters earlier this week to preview the application, an administration official stated that the overall goal is to provide a "short and simple" form.
Officials said that while people will need their Social Security number to complete the application, they will not need to provide their Federal Student Aid ID or upload any documents.
Borrowers who received Pell Grants, which are available to low- and middle-income families, can have up to $20,000 in debt forgiven, while other borrowers can receive up to $10,000 in relief.
Individuals earning less than $125,000 in 2020 or 2021, as well as married couples earning less than $250,000, are eligible for loan relief under the program.