The Student Loan Forgiveness Application Is Online. How to Apply and Get Your Debt Canceled

Millions of Americans can now take their first step to cancel between $10,000 and $20,000 in federal student loan debt. The Department of Education says the application is “simple, easy to use,” and can be accessed on its website.

Biden’s plan allows borrowers who earn under $125,000 to cancel $10,000 in federal school loan debt, while married couples qualify for $10,000 per person in debt cancellation if their joint income is under $250,000.

Borrowers who have Perkins loans and Federal Family Education Loans (FFEL) with private lenders no longer qualify for loan cancellation if they didn’t apply to consolidate them before Sept. 29, according to the updated guidance from the Department of Education.

Important Dates and Details for Student Loan Forgivene Nov. 15: Recommended Deadline to Apply Department of Education recommends filling out the application by Nov. 15 to receive forgiveness before payments resume in January. Once you submit your application, you can expect relief within 4-6 weeks if approved.

Jan. 1, 2023: Student Loan Payments Resume Federal student loan payments are currently set to resume at the start of next year after a three-year hiatus. Experts recommend putting together a future budget now that accounts for potentially lower monthly student loan payments and using this time to focus on other important aspects of your finances.

Dec. 31, 2023: Application Close The Department of Education will continue to process applications for student loan forgiveness through the end of 2023, but you should apply by mid-November to receive relief before the payment pause period ends.