A beta version of President Biden's student loan forgiveness application is now open. Here's what to know.
Instead of having to provide documents that verify that you, as an individual, earned less than $125,000 in 2020 or 2021 or, as a couple, less than $250,000, the application simply asks borrowers to check a box to"certify under penalty of perjury under the laws of the United States of America that all of the information provided on this form is true and correct."
The official said roughly 95% of borrowers should meet those income thresholds, though it's not clear how many the department will flag for additional income verification.How long will it take the department to process each application? Timing matters because the department wants to discharge as many debts as possible before student loan payments resume in January.
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