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.” Here's more information on the debt relief program, including how to apply:
, will offer up to $10,000 in federal loan forgiveness to borrowers who meet the income limits. 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 department has also said that the forms, which are due by the end of 2023, will be simple to fill out. And the unveiled this week is exactly that, asking for so little information that you could fill it out on a smartphone in minutes. • You were a married person filing a joint return, a head of household or a qualifying widow or widower, and you made less than $250,000.
If you fall into that category, the department said, it will contact you after it receives your application form to have your parent submit a “Parent Income Form.”The forgiveness applies only to loans issued or held by the federal government. It doesn’t extend to loans issued or held by private lenders.
If you consolidated or applied to consolidate privately held FFEL or Perkins loans into a federal direct loan before Sept. 29, the consolidated loan should be eligible for the one-time forgiveness program. If you’re on an income-driven repayment plan, your income, not the amount you owe, will dictate your payment amount. If you are on a standard payment plan, the department said, your servicer will reduce your monthly payments to reflect the lower balance. You can opt to write a bigger monthly check to pay off the loan faster and reduce the amount of interest you’ll pay over the life of the loan.
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