Education Department launches beta site for student loan forgiveness applications
The U.S. Department of Education on Friday launched a beta test of its student debt relief application website. About 95% of Americans with student debt are expected to qualify for loan forgiveness under the Biden administration's plan.
The beta site will be available "on and off" until the full launch, which is expected at some point later this month, according to the Education Department.
Those who use the beta site will not need to reapply again after the full launch, the department said. However, "there's no advantage to applying before the full launch," the department wrote on the website.
The application takes about five minutes to complete, the department said.
President Biden announced in August that his administration is canceling up to $20,000 in student loan debt for millions of Americans. Nearly 20 million people will be eligible to have their debt fully canceled under the new plan.
In a call with reporters earlier this week previewing the application, an administration official said the overall goal is to provide a form that is "short and simple."
People will need their Social Security number to complete the application, but won't need to supply their Federal Student Aid ID or upload any documents, officials said.
Borrowers who received Pell Grants, which are for low- and middle-income families, can get as much as $20,000 in debt forgiven, while other borrowers can get relief of up to $10,000.
Only individuals who earned less than $125,000 in 2020 or 2021 and married couples with total annual income below $250,000 are eligible for loan relief under the program.
-- Aimee Picchi and Jennifer Earl contributed to this report.
