White House officials shared a preview of the student debt relief application form on Wednesday.
President Joe Biden announced a plan in August that is expected to bring debt relief to millions of borrowers with student loans.
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Officials with the Department of Education have announced that the application for relief will open sometime in October and will be available until Dec. 31, 2023.
The application will be available in both English and Spanish when it goes live.
“It’s short, simple, and will be available online at a .gov URL,” officials said in an email. “You don’t need to log in or provide any documents to apply.”
Department of Education officials stated that Federal Student Aid will reach out directly once a borrower has submitted an application if additional information is required.
Student Debt Relief Update:
— The White House (@WhiteHouse) October 11, 2022
Today, the U.S. Department of Education is previewing the student debt relief application form. Here’s the latest: pic.twitter.com/efSzRbions
In the preview shared by the White House, the application preview shows the application will include the following wording:
“Apply today (but no later than Dec. 31, 2023). We’ll determine your eligibility and will contact you if we need more information. Your loan servicer will notify you when your relief has been processed.”
Based on the website preview, borrowers will be asked to agree to several statements, including:
1. I request federal student loan debt relief of up to $20,000. If requested, I will provide proof of income to the U.S. Department of Education. I understand that if I fail to do so by March 31, 2024 or if my income does not qualify for federal student loan debt relief, the relief will not be processed.
2. I verify that I am the individual named [on this form].
3. I affirm that ONE of the following is true for 2020 (Jan. 1-Dec. 31, 2020) or 2021 (Jan. 1-Dec. 31, 2021):
- I made less than the required income to file federal taxes.
- I filed as a single tax-filer AND made less than $125,000.
- I was married, filed my taxes separately, AND made less than $125,000.
- I was married, filed my taxes jointly, AND made less than $250,000.
The student debt relief plan will forgive up to $10,000 in federal student debt for people who make less than $125,000 per year, or $250,000 for households, and up to $20,000 for people who received Pell Grants.
Relief from student loans will be capped at the amount of each person’s outstanding debt. If you owe $15,000 and qualify for $20,000 in relief — your loans will be forgiven but you will not receive $5,000 in credit for loan balances you’ve already paid.
The pause on student loan payments has also been extended one final time through Dec. 31, 2022. Payments for student loans will resume in Jan. 2023.
Payments on student loans were initially paused on March 13, 2020, due to the coronavirus pandemic. Accruing interest on those loans was also paused.