- The White House just released a preview of the student-loan forgiveness application.
- It will require borrowers provide basic information like their email and Social Security Number.
Student-loan borrowers just got a first look at what the application for debt cancellation will look like.
On Tuesday, the Education Department released details on all of the information federal borrowers will need to access President Joe Biden's up to $20,000 in debt relief for those making under $125,000 a year. While administration officials told reporters on a press call that an exact date for the formal release of the application has not yet been determined, providing this information in advance is "a really important step" in the process and helps show borrowers that it will be "simple and straightforward."
"If the Department of Education needs more information from a borrower to confirm their income or their eligibility, they'll be asked to fill out a simple online form and submit the required information — a 1040, a tax transcript, or proof of non-filing," an official said. "We're confident that these measures, combined with clear communication about eligibility requirements to the public, will result in a simple and straightforward process that allows eligible borrowers to obtain relief and ensure ineligible borrowers do not."
—The White House (@WhiteHouse) October 11, 2022
Borrowers will not need to log in with their Federal Student Aid (FSA) ID or upload any documentation. Here are the five main pieces of information they will need to apply:
- Name
- Social Security Number
- Date of birth
- And phone number.
Borrowers will also be asked to check a box certifying your income is under the threshold, along with being asked to sign an agreement confirming that all the information you provided is accurate under penalty of perjury under the law. An administration official noted that if there are any discrepancies between information the borrower provided and what the Education Department already has on file, the borrower will be contacted to upload any additional necessary documentation.
There will also be "strict fraud prevention measures" in place as the application goes live, the official said, and any applicants who falsify information through the application will face "hefty fines and possible jail time."
The preview of this application comes as the Biden administration is facing at least five major lawsuits from conservative groups seeking to halt the policy, with a federal judge hearing arguments for one of those cases on Wednesday. The administration affirms that those challenges will not block the plan from rolling out and recommends that once the form is live, borrowers should apply before mid-November to get relief before payments resume early next year.
See the full version of the application, including its mobile and Spanish version, here: