The U.S. Department of Education started accepting student loan forgiveness applications on a trial basis, saying access to forms would be 'periodic.'
The U.S. Department of Education has started accepting applications for student loan forgiveness on a trial basis, but said access to the forms would be"periodic."
People are also reading… For borrowers who meet the income limits and received a Pell Grant, the government will forgive up to $20,000 in federal student loans. — The White House October 11, 2022 The application asks only for your name , Social Security number, date of birth, phone number and email address. Instead of requesting copies of tax returns or other financial records, the form simply asks you to attest, under penalty of perjury, that you met the program's income limits.— You made less than the income required to file federal taxes.
One wrinkle not mentioned on the form is that if your parents claimed you as a dependent on their federal income tax form, their income, not yours, may determine whether you're eligible for the one-time relief. According to studentaid.gov,"if you were enrolled in school as a dependent student for financial aid purposes between July 1, 2021, and June 30, 2022, your eligibility is based on parent income.
Some Federal Family Education Loans and Perkins loans, which are guaranteed by the federal government, are held by private lenders and are not eligible for forgiveness. To determine if your loan is held by the government or by a private lender, sign into your account at studentaid.gov and call up the"My Loan Servicers" list. If the servicer's name is preceded by"DEPT OF ED," that loan is held by the federal government.
What happens after you apply?The department said it will email you to confirm that it received your application. If it needs more information, such as proof of your income or your parents' income, it will ask for it. And if the department determines that you do not qualify, it will contact you with the bad news.
Again, if you don't qualify automatically for relief, you have until the end of 2023 to submit an application form. The longer you wait, the longer you delay any reduction in your monthly payments.
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