How to Apply for Student Loan Forgiveness

Applications for federal student loan forgiveness are now open. Learn how to apply for student loan forgiveness TODAY!

Student loan debt is a huge crisis in the United States. According to The Institute for College Access & Success, 68% of students who graduated from public and private nonprofit colleges in 2015 had student loans, and their average debt was $30,100. That’s a lot of money! And it can be really difficult to pay off that kind of debt when you’re just starting out your career.

Women (in particular, women of color) are disproportionately affected by student loan debt. More women are earning college degrees than men, and currently hold almost 2/3 of the country’s $1.54-trillion student loan debt. Women earn less money than men on average, and they also take on more of the burden for unpaid work at home, like child-rearing and caring for elderly parents. As a result, women are more likely to struggle financially after college, and they’re also more likely to default on their student loans.

On August 24, 2022, President Biden announced a student loan forgiveness program for federal borrowers. According to the Official White House statement, this program will “provide relief to up to 43 million borrowers, including canceling the full remaining balance for roughly 20 million borrowers.” Over 8 million Americans have already applied for federal loan forgiveness.

This article will teach you how to apply for student loan forgiveness so that you can start fresh financially. Keep reading to learn more!

Who qualifies for federal student loan forgiveness?

According to the U.S. Department of Education, there are several ways to qualify:

You qualify to have up to $10,000 forgiven if your loan is held by the Department of Education and you make less than $125,000 individually or $250,000 for a family. If you received Pell grants, which are reserved for undergraduates with the most significant financial need, you can have up to $20,000 forgiven,

When can I apply for federal student loan forgiveness?

Applications are open NOW! If you qualify for federal student loan forgiveness, you have until December 31st 2023 to apply, but we encourage you to complete the form ASAP! That’s money you can put to use in your life, and the form is quick and easy.

How do I apply?

Visit the Federal Student Loan Forgiveness form at https://studentaid.gov/debt-relief/application

If you qualify, all you need to apply is your name, social security number, date of birth and email. The form takes about 2 minutes to complete.

How long will it take for my application to be processed?

According to the Department of Education, “applicants can expect relief within 4-6 weeks.”

Is student loan forgiveness paused?

A court order is impacting debt discharges. You can read the official statement from studentaid.gov below, but we still encourage you to process your application as soon as possible (like right now! do it!)

“Application is open, but debt discharge is paused. As a result of a court order, we are temporarily blocked from processing debt discharges. We encourage you to apply if you are eligible. We will continue to review applications. We will quickly process discharges when we are able to do so and you will not need to reapply.”

So, if you’re feeling overwhelmed by your student loan debt and you want to start fresh financially, don’t worry, if you’re holding federal student loans, you can most likely apply for student loan forgiveness today. You can expect relief within 4-6 weeks of submitting your application. Keep in mind that applications are currently being processed, despite the court order pausing debt discharge. Don’t wait – apply today! LINK: https://studentaid.gov/debt-relief/application

Want to learn more about tackling your student loan debt? Check out our course with Kimberly Hamilton, Founder of Beworth Finance.