How to use the new student loan forgiveness beta test

Students study in the Rice University Library on August 29, 2022 in Houston, Texas. U.S. President Joe Biden has announced a three-part plan that will forgive hundreds of billions of dollars in federal student loan debt. Since announced, the plan has sparked controversy as critics have begun questioning its fairness, and addressing concerns over its impact on inflation. (Photo by Brandon Bell/Getty Images)
Students study in the Rice University Library on August 29, 2022 in Houston, Texas. U.S. President Joe Biden has announced a three-part plan that will forgive hundreds of billions of dollars in federal student loan debt. Since announced, the plan has sparked controversy as critics have begun questioning its fairness, and addressing concerns over its impact on inflation. Photo credit (Photo by Brandon Bell/Getty Images)
By , Audacy

Eligible people in the U.S. with student loan debt can follow some easy steps to submit their applications through a beta launch of the nation’s debt forgiveness program.

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First, they should head to https://studentaid.gov/debt-relief/application.
There, applicants will fill out a form titled “borrower information.”

They’ll be asked to provide their name, social security number, date of birth, phone number, email address, and digital signature.

Eligible applicants would have made less than $125,000 in 2021 or 2020 or come from families that made less than $250,000 in 2021 and 2020. Pell Grant students could have up to $20,000 in loans forgiven and non-Federal Pell Grant students could have $10,000 in loans forgiven.

According to the U.S. Department of Education Federal Student Aid office, they began accepting applications to help refine submission processes ahead of the official form launch. The Washington Post reported that the beta launch went live Friday.

When President Joe Biden announced the loan forgiveness program in August, those interested in the program crashed the Department of Education website.

“If you submit an application, it will be processed, and you won’t need to resubmit,” said the Federal Student Aid office. For applicants who don’t make it in time for the beta launch, the office said it will accept applications through the end of next year.

“We’ll determine your eligibility and will contact you if we need more information,” the application reads. “Your loan servicer will notify you when your relief has been processed.”

According to The Washington Post, the Education Department’s technical team is expected to pause the site at various points for assessment and maintenance. For those who attempt to apply but are not able to, the agency recommends trying later, said the outlet.

It also said there is no advantage to applying during the beta period. Applications are set to formally launch by the end of October.

As of last month, the federal student loan portfolio totaled more than $1.6 trillion, owed by about 43 million borrowers, according to Forbes.

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Featured Image Photo Credit: (Photo by Brandon Bell/Getty Images)