You can officially apply for the student debt relief program through a beta launch on the Federal Student Aid’s website.
The good news is you won’t need to login or provide any documentation when submitting an application.
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Instead, you’ll visit the FSA’s website and provide information that you should already have at your disposal.
Below is a step-by-step guide on how to submit your application in just a few minutes:
- Visit FSA’s website here and scroll down until you see “Borrower Information.”
- You’ll provide your first name, middle initial, last name and if applicable, a former last name (any other last name you may have previously provided to the Dept. of Education).
- You’ll then need your Social Security number, date of birth, phone number and email for confirmation.
- Then, you’ll be asked to “Review and Submit the Agreement.”
- You’ll need to review some information and confirm that what you provided was correct and that you meet the qualifications.
- You’ll then re-enter your first name, middle initial and last name. You’ll also certify that the provided information is correct.
- Simply scroll down a bit further and hit “Submit.”
If you apply through the beta launch, you will not need to reapply when the program officially launches sometime in October. The deadline to apply will be Dec. 31, 2023.
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.
Currently, required student loan payments are paused through Dec. 31, 2022. They are expected to resume in January 2023.