The application for student loan forgiveness has finally opened, and there are important dates to know about.
Over 8 million borrowers have already applied and are now waiting for their debt to disappear or be drastically reduced.
Whether you qualify will depend on your income and what types of student loans you have.
Once you determine you qualify, you can fill out and submit the application. The form is simple and can take just a few minutes. Unfortunately, waiting for the student loan forgiveness to happen can take a lot longer.
When will people see their student loan forgiveness go through?
The Department of Education originally said the relief would take about 4 to 6 weeks to process, according to My Twin Tiers.
Now, that timeframe has been changed to “within 6 weeks.” Whether it will take longer for people who have to provide additional information is currently unknown.
Some reasons borrowers will need to provide more information could be to verify their own income or their parents income.
People should apply for student loan forgiveness by mid-November so they receive forgiveness before repayments start again in 2023.
If you don’t qualify for this program, you may qualify for the Public Service Loan Forgivness program. It’s important to figure out if you do, because the deadline for this program is Oct. 31, 2022.
Another date to keep in mind is January 1, 2023 when payments start up again. Both payments and interest will start up again in 2023.
Finally, the last date to keep in mind is Dec. 31, 2023. This is the deadline for applying for student loan relief.
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