You can fill out an application for student debt relief ahead of the program’s official launch, according to the Federal Student Aid website.
Applications were made available Friday on the website during a beta launch.
According to the Department of Education, by submitting an application early, it will still be processed. You won’t need to reapply when the program officially opens.
The plan was announced by President Joe Biden in August, and is expected to bring debt relief to millions of borrowers.
The student debt relief plan will forgive up to $10,000 in federal student debt for people who make less than $125,000 per year, or $250,000 for households, and up to $20,000 for people who received Pell Grants.
Relief from student loans will be capped at the amount of each person’s outstanding debt. If you owe $15,000 and qualify for $20,000 in relief — your loans will be forgiven but you will not receive $5,000 in credit for loan balances you’ve already paid.
Department of Education officials have said the official launch for the program will be sometime in October. The deadline to apply will be Dec. 31, 2023.
To fill out an application, follow this link here to the White House’s website. Then, just scroll down, enter your information and click “submit.”
You won’t need to login or provide any documents during the application process.
Department of Education officials have also said Federal Student Aid will reach out directly once a borrower has submitted an application if additional information is required.
The pause on student loan payments has been extended one final time through Dec. 31, 2022. Payments for student loans will resume in Jan. 2023.
Payments on student loans were initially paused on March 13, 2020, due to the coronavirus pandemic. Accruing interest on those loans was also paused.
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