Education Department Has Launched A Site For Loan Forgiveness

education department

Recently, the Education Department in the country launched a beta test for the student debt relief application website. It has been noted that close to 95% of the American population that currently suffers from student debt would be expected to qualify for loan forgiveness under the new administration plan of Joe Biden.

This beta site will also be made available on and off until the entirety of the launch, which could take place sometime later this month, according to the Department of Education. Those who will be making good use of the beta site will definitely not have to reapply again after the launch takes place finally. However, there are absolutely no advantages to applying before the launch is made completely. 

Education Department To Launch Complete Website This Month

The Education Department stated that the entire application took just about 5 minutes to be filled up. Back in August, President Biden had announced that his administration was all for canceling up to $20,000 in student loan debt for millions of American citizens. Almost 20 million people would be eligible to have their student debt canceled fully under the current plan. In a call with reporters earlier this week to review the application, one official from the administration stated that the main aim was to create a form that was both simple and short.

In order to fill out this form, the Education Department did state that one would be needing their Social Security number in order to fill in the application, but they wouldn’t need to supply their Federal Student Aid ID or even put in any other documents.

Borrowers who did receive the Pell Grants, which are kept specifically for low and middle-income families, would be able to get around $20,000 in their debt completely forgiven, while other borrowers would be receiving relief of up to $10,000. Other individuals, who had an annual earning under $125,000 in 2020 or even 2021, and married couples with an annual income under $250,000 will be eligible for the loan relief.

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