For those looking for the student loan forgiveness application, a beta launch has recently been released.
Through the Federal Student Aid website, you can submit an early application through their beta launch.
According to the website, they are accepting applications ahead of the official form launch as a way to refine their process.
If you choose to submit your application this way, it will be processed and you won’t need to submit another application.
Student loan forgiveness program
This program will provide those with student loans either full or partial discharge from their federal student loans.
Those who received a Pell Grant can qualify for up to $20,000 in student loan forgiveness. Everyone else can get up to $10,000 in forgiveness.
Requirements include being an individual who made less than $125,000 in 2021 or 2020, or a family making less than $250,000 the same year.
For those who filed taxes, their income is based on their Adjusted Gross Income, or AGI. This is usually lower than your total income. It can be found on line 11 on the IRS Form 1040.
You can start applying today but the deadline is in a little over one year on Dec. 31, 2023. The education department will determine your eligibility and reach out if they need more information.
Once your relief has been processed, your loan servicer will let you know.
When applying for the student loan forgiveness you’ll need just a few pieces of information including
- First name
- Middle initial
- Last name
- Former last name
- Social Security number
- Date of birth
- Phone number
After you’ve provided this information, you’ll need to review and submit the agreement.
What does the review and agreement say on the beta application?
There are statements that you must agree to when signing the electronic form.
First, you are requesting relief worth up to $20,000 and will provide proof of income if the U.S. Department of Education requests it. Should you fail to do this by March 31, 2024, you will not get the relief and it won’t be processed.
Next, you are agreeing that you’re the person who filled out the application.
Finally, for statement number three, you are agreeing that one of the listed options is true for 2020 or 2021.
These options state
- You made less than the required income to have to file federal taxes
- Filed single and made under $125,000
- Filed married filing separately and made under $125,000
- You filed married filing jointly and made under $250,000
- Filed as head of household and made less than $250,000
- Filed as a qualifying widow or widower and made under $250,000
You’ll then need to sign the form with your first and last name, with middle being optional.
By checking the box and agreeing that everything was true, you’re certifying under perjury that all the information you provided was true and correct.
If you’re falsifying or misrepresenting information on the form or with any documentation you provide, you risk fines, imprisonment, or both.
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Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].