Student loan forgiveness: Application unveiled; What will be required?

Student loan forgiveness: Application unveiled; What will be required?

The White House has unveiled a preview of the applications that will be used for student loan debt forgiveness.

In Twitter posts, the White House said the application will be “short and simple” with no supporting documents or Financial Student Aid ID needed. It will be available in both English and Spanish on mobile and desktop devices. Paper applications will be available at a later date.

READ MORE: Student loan forgiveness: Paid off loan? You may still be eligible for up to $20,000 refund

Borrowers will be asked to provide their name, Social Security number, date of birth, phone number and email address. Applicants will also be asked to agree to the terms and conditions, including providing financial documents if requested to do so by the Department of Education.

The application will also require users to check a box to “certify under penalty of perjury,” that the information is correct and there are legal repercussions for false information.

There’s no word yet on when the application will go live and the White House only said the “application period for student debt relief will open later this month and run through Dec. 31, 2023.” You can sign up to be notified when the application is live at http://StudentAid.gov/DebtRelief.

The White House’s student loan debt forgiveness plan covers up to $20,000 for eligible borrowers with Pell Grants and $10,000 for other federal loan holders. To qualify, single tax filers must have made less than $125,000 in 2020 or 2021; joint filers less than $250,000.

Borrowers are encouraged to complete the application by Nov. 15 in order to meet the Jan. 1, 2023 deadline for the restart on student loan payments and interest accrual.