Beta Student Loan Debt Relief Application: How Quickly Are Borrowers Expected To Receive Relief?

Beta Student Loan

Borrowers have been waiting for the next steps since August when President Biden announced that he would fulfil his campaign promise to cancel up to $20,000 in student loan debt. While the application, which was supposed to be available in early October, is not yet fully functional, the Department of Education encourages applicants to submit their applications through the beta test site.

According to the Education Department, the beta site’s application will be available “on and off” over the next few weeks. However, the department chose to release the beta version early so that their technical team could work to detect and resolve any issues that may arise.

Reference Source: Time


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Beta Student Loan Debt Relief Application

The application for student loan debt forgiveness from the Department of Education is divided into two sections: The first, labelled “Borrower Information,” contains fields you must fill out for the department to determine eligibility.

Borrowers must provide the following personal information to the application:

The second section, “Review and Submit the Agreement,” is a sworn declaration that you qualify for debt relief. It asks borrowers to confirm that they are requesting loan forgiveness, that they meet the income requirements, and that they will provide proof of income to the Department of Education before March 31, 2024, if asked.

Reference Source: Cnet

How does the beta application process go?

According to the federal agency, there is no advantage to completing the application before its official launch because it will not be processed until then. Still, if borrowers fill out the application during the beta period, they will not have to fill it out later.

The application takes about 5 minutes to complete and is available in English and Spanish. According to the department, applicants are not required to log in or submit documents. Approximately 95% of federal student loan borrowers are eligible for forgiveness.

The Education Department’s technical team will respond to potential issues in real time. While the application will not change, the team may make changes to the website if any glitches are discovered.

The beta version of the site will have scheduled pauses for the team to observe its progress and refine any errors, so applicants are encouraged to check back later if the site is unavailable when they try to access it. The department’s website crashed on the day of the student loan relief announcement in August, so the department is most likely thoroughly testing the site to avoid a repeat.

Reference Source: Time

How quickly are borrowers expected to receive relief?

The Biden administration initially stated that the debt relief application would be available in early October. Still, the Department of Education announced on Friday that it will not be available until October 23. The application will then be available until December 31, 2023.

Borrowers are asked to provide their Social Security numbers and to confirm that they meet the program’s income limits of less than $125,000, or less than $250,000 for married couples, in 2020 or 2021. In addition, borrowers can cancel up to $10,000 in federal student loan debt, and Pell Grant recipients can get up to $20,000 in relief.

Reference Source: Time

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