Debt Relief: Applications Open for Students; Government Asks to Apply as Soon as Possible

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If you have worked in public service (federal, state, local, tribal government or a non-profit organization) for 10 years or more (even if not consecutively), you may be eligible to have all your student debt canceled.  Now, for a limited time, it is easier than ever to receive that forgiveness, or get credit toward forgiveness, if you have not yet served 10 years.

But you must apply before October 31, 2022.

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https://www.whitehouse.gov/publicserviceloanforgiveness/?utm_source=pslf.gov

The form for federal student loan debt relief went live in beta form on Friday night, according to the Department of Education. The agency urged borrowers on its mailing list to be “the first to apply for student debt relief” in an email blast sent out at 10:46 a.m. ET on Saturday.
The brief form takes around two minutes to complete. If you owe money on federal student loans and made less than $125,000 annually, or $250,000 as the head of household or married filing jointly in either 2020 or 2021, you are eligible to qualify for up to $20,000 in debt relief.
The Education Department stated that it will be “providing periodic access to the form to help us get ready for our official launch” and that it will be “using the beta version of the application to [fine-tune] its processes.”

Important information:
-Open applications: October 2022, application for Student Forgiveness will be released
-The Department of Education is recommending everyone apply regardless if you have automatic forgiveness or not
-Apply for student loan forgiveness by this date
-There’s a 4-6 week turn around for forgiveness
-Doing so will ensure you receive your loan before regular payments resume and interest discharge begins accruing again
-If your entire balance is not erased interest will begin accruing again on the remaining balance and regular payments will resume.

About half of all Latino student loan borrowers are expected to have their entire debt forgiven under the plan announced Wednesday by President Joe Biden.Following up on a campaign promise, the Biden administration is canceling up to $10,000 in federal loan debt and an additional $10,000 if the student was a Pell Grant recipient. Those eligible to qualify must earn less than $125,000 or less than $250,000 for couples filing taxes jointly.