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White House Launches Student Loan Forgiveness Application

Biz Money

If you’re drowning in student loan debt , or even just swimming frantically, you’ll want to read this blog.

Student loan forgiveness is right around the corner! The White House just launched the student loan forgiveness application and here are the highlights:

You can access it from your phone or desktop

✅ Does not require supporting documents or FSA ID

✅ Available in both English and Spanish

Now that it’s out in the world, there are a few important things to note about the student loan forgiveness application:

➡️ They recommend you complete it by November 15th if you want the forgiveness to happen in 2022.

➡️ You have until December 31, 2023 to submit your application.

➡️ They’ll use your Social Security Number to look up your income to determine eligibility (so if you haven’t filed your recent tax returns, now’s the time to do it!)

Speaking of eligibility…

You’re eligible for student loan forgiveness:

⚠️ If your annual federal income was below $125,000 (individual or married filing separate) or $250,000 (married filing joint or head of household)

⚠️ For $20,000 in debt relief if you received a Pell Grant

⚠️ For $10,000 in debt relief if you did not receive a Pell Grant

Until the application comes out, the best thing to do is to 1) log into your student loan account and make sure all of your information is up-to-date and 2) sign up for student loan updates here.

And in the meantime, continue voting for elected officials who support economic equity policies like student loan relief. 🙂