Student loan forgiveness

"It's easy, it's fast," Biden said in a press conference announcing the launch, noting applications take less than 5 minutes and can be done on desktop or ...

The form is available in both English and Spanish on desktop and mobile sites. Borrowers will not need what's known as an FSA ID to log into the application, nor will they need to upload any documents, including tax records. The application asks for borrowers' name, date of birth and social security number, among other things.

The Biden administration has released the application for its one-time student debt relief program.

[suing to overturn President Biden’s student loan forgiveness plan](https://www.washingtonpost.com/us-policy/2022/09/29/republicans-student-loan-forgiveness-lawsuit/?itid=lb_student-loan-forgiveness_7). [everything you need to know about the debt relief plan](https://www.washingtonpost.com/education/2022/08/24/student-loan-forgiveness-plan-explained/?itid=lb_student-loan-forgiveness_4). Here’s what to expect in [Biden’s student loan forgiveness application](https://www.washingtonpost.com/education/2022/10/11/student-loan-forgiveness-application/?itid=lb_student-loan-forgiveness_3). Use this calculator to see [how much of your student loan debt can be forgiven](https://www.washingtonpost.com/education/interactive/2022/calculator-student-loan-debt-forgiveness/?itid=lb_student-loan-forgiveness_5). “Republican members of Congress, Republican governors are trying to do everything they can to deny this relief even to their own constituents,” Biden said. “My commitment was if elected president, I was going to make government work to deliver for the people.

The loan forgiveness plan cancels up to $20000 in debt for Pell Grant recipients and up to $10000 for individual borrowers.

"I will never apologize for helping working Americans and middle-class people as they recover from the pandemic." [letter](https://www.menendez.senate.gov/imo/media/doc/letter_to_extend_pslf_waiver1.pdf) in August asking the Biden administration to extend a waiver for the [Public Service Loan Forgiveness](https://www.axios.com/2021/10/06/doe-public-service-student-loan-forgiveness) (PSLF) program through July 2023. [White House said](https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/fact-sheet-supporting-teachers-on-world-teachers-day/) the Department of Education had approved more than $13 billion in forgiveness for more than 211,000 public servants under temporary changes to PSLF. [potential scammers](https://www.axios.com/2022/10/05/white-house-student-loan-relief-scams)and encouraged people to [report potential fraud](https://reportfraud.ftc.gov/#/). [student loan forgiveness application](https://www.axios.com/2022/10/03/federal-student-loan-forgiveness-program) went [live](https://studentaid.gov/debt-relief/application) Friday night and is now officially live as of Monday afternoon, Biden said. [a Halloween deadline is approaching for public service borrowers](https://www.axios.com/2022/08/23/democrats-student-loan-extend-waiver) who are employed by non-profits, the military, or federal, state, Tribal or local government. [legal challenges](https://www.axios.com/2022/09/27/lawsuit-department-of-education-student-loan-plan) as well as criticism from [Republicans](https://www.axios.com/2022/09/20/biden-student-loan-forgiveness-legal-challenges) and some Democrats in [battleground states](https://www.axios.com/2022/08/25/democrats-student-loan-backlash). [Pell Grant recipients](https://www.axios.com/2022/08/24/pell-grants-student-loan-forgiveness) and up to [$10,000](https://www.axios.com/2022/08/23/biden-expected-student-loan-forgiveness) for individual borrowers who make under $125,000 per year. [student loan forgiveness applications](https://www.axios.com/2022/10/15/student-loan-relief-application-beta-website-live) since a beta site launched Friday, [President Biden](https://www.axios.com/politics-policy/joe-biden) said Monday announcing that the [official application](https://studentaid.gov/debt-relief/application) is now live. - These borrowers who include teachers may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. [student aid website](https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info). [Economy & Business](https://www.axios.com/economy-business)

President Joe Biden on Monday announced the formal launch of the federal application for Americans seeking student loan forgiveness, the latest phase of his ...

“I will never apologize for helping working Americans and middle-class people as they recover from the pandemic. Asked at the end of his remarks about litigation challenging the plan, Biden said he thinks the administration’s plan will hold up in court. The Department of Education is facing several lawsuits challenging the student loan forgiveness policy. Those borrowers will automatically receive the debt relief if they meet the income requirement, unless they choose to opt out. The Biden administration has said that applicants who are “more likely to exceed the income cutoff” will be required to submit additional information, like a tax transcript. The form includes information on the debt relief, who qualifies for it and how it works.

Borrowers can officially apply for up to $20000 in federal student loan forgiveness. Here's how to submit an application.

This is because the full amount of debt relief will be applied to your loan balance," says FSA. Even with the application launch, the Department of Education promised a federal court that no debt will actually be canceled before Oct. The Department of Education originally said the application would be available in "early" October. The administration previously estimated it could take six weeks for the applications to be processed. Additionally, some borrowers with commercially-owned Federal Family Education Loan (FFEL) Program loans who did not consolidate into Direct Loans prior to Sept. Most borrowers won't need to do anything else. These borrowers can request a refund from their loan servicer. Biden says his administration is still looking for a way for these borrowers to get some type of relief. "Until then, you don’t need to do anything except submit your application." Those applicants will not need to apply again. Income is based on each person’s adjusted gross income, which can be found on line 11 of your Form 1040. Secretary of Education Miguel Cardona, who was at the briefing with Biden.

Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020 in Washington, DC. Paul Morigi | Getty Images.

Some borrowers may receive a request from the department for additional information, including proof of income. When your request for relief is approved, you'll receive an email saying so from the department. [a short beta test](https://www.cnbc.com/2022/10/14/report-education-department-to-beta-test-student-loan-forgiveness-application.html), during which time the Department of Education offered on and off access to the form while it tested the site. If you've lost your card, you can get a replacement at the Before the pandemic, when the U.S. Only about half of borrowers were in repayment in 2019, according to an estimate by higher education expert Mark Kantrowitz. "Their outrage is wrong and its hypocritical." The U.S. [whether you received a Pell Grant](https://www.cnbc.com/2022/08/25/how-to-know-if-you-have-a-pell-grant-for-student-loan-forgiveness.html). [Here's the inflation breakdown for September 2022 — in one chart](https://www.cnbc.com/2022/10/13/heres-the-inflation-breakdown-for-september-2022-in-one-chart.html) [Social Security cost-of-living adjustment will be 8.7% in 2023](https://www.cnbc.com/2022/10/13/social-security-cola-will-be-8point7percent-in-2023-highest-increase-in-40-years.html) [4 ways to save on groceries as food prices rise](https://www.cnbc.com/2022/10/14/how-to-save-on-groceries-as-cpi-food-at-home-prices-soar.html) [a growing number of legal challenges brought by Republicans](https://www.cnbc.com/2022/09/07/republicans-may-try-to-block-student-loan-forgiveness.html) against the president's plan. Borrowers could [apply for forgiveness](https://www.cnbc.com/2022/10/17/education-department-student-loan-relief-application-is-in-beta-trials.html) in those windows when the portal was open.

The launch comes less than eight weeks after President Biden announced his relief plan and after this weekend's beta test saw more than 8 million borrowers ...

The White House’s legal judgment is that relief won’t be halted, Biden said. When loan payments — paused during the height of the COVID-19 pandemic — resume in January, the billions of dollars flowing into the U.S. The government can afford loan forgiveness because it reduced the U.S. StudentAid.gov targets middle class borrowers, as 90% of the people who qualify to apply make less than $75,000 annually. “And it took an incredible amount of effort to get this website done in such a short time.” [President Biden](https://www.fedscoop.com/tag/joe-biden/) announced his administration’s plan to forgive up to $10,000 in federal student loan debt, or $20,000 for Pell grant recipients, if the borrower earns less than $125,000 annually.

WASHINGTON (AP) — President Joe Biden on Monday officially kicked off the application process for his student debt cancellation program, opening the door ...

Biden on Monday said he’s confident that the suit will not upend the plan. Louis is currently weighing the states’ request for an injunction to halt the plan. The AP is solely responsible for all content. 1, when payments on federal student loans are scheduled to restart after a pause during the pandemic. The Education Department will use its existing records to make sure your loans are eligible and to look for applicants who might exceed the income limits. If you meet the eligibility rules, click the box confirming that everything you provided is true.

Published: Oct. 18, 2022, 6:53 a.m.. Joe Biden. President Joe Biden speaks about the student debt relief portal beta test in the South ...

You may still be eligible for up to $20,000 refund](https://www.al.com/news/2022/08/student-loan-forgiveness-paid-off-loan-you-may-still-be-eligible-for-up-to-20000-refund.html) [Student loan forgiveness application site now open: How to apply, what to know about Beta launch](https://www.al.com/news/2022/10/student-loan-forgiveness-application-site-now-open-how-to-apply-what-to-know-about-beta-launch.html) [Student loan forgiveness: Alabama Gov. Paper applications will be made available later and people who used the beta version do not have to resubmit their information. [ site, ](https://studentaid.gov/debt-relief/application)borrowers will be asked to provide their name (including any former names) and Social Security number, date of birth, phone number and email. You will receive an email confirmation of your submission, something you should hang on to for your records. Now, with the full site up and running, users can submit their information online.

While the majority of states do not tax loan forgiveness as income, some states do. Here's what you need to know.

Tell us at [nj.com/tips](http://nj.com/tips). [Arkansas and Wisconsin ](https://taxfoundation.org/student-loan-debt-cancelation-tax-treatment/)could also have plans in the works, but they have not yet confirmed their taxation plans. [[email protected]](mailto:[email protected]). [NJ.com](http://nj.com/). [Indiana](https://apnews.com/article/biden-education-indiana-pell-grant-1a20d161073a073f8d5ed0f954188462), [Minnesota](https://www.revenue.state.mn.us/cancellation-education-loans), [Mississippi](https://news.bloombergtax.com/daily-tax-report-state/mississippi-in-a-departure-to-tax-forgiven-student-debt) and [North Carolina](https://www.ncdor.gov/news/press-releases/2022/08/31/student-loan-forgiveness-currently-considered-taxable-income) have stated that they plan to tax forgiven student loans as income. [most states do not tax loan forgiveness as income](https://www.cnet.com/personal-finance/taxes/the-student-loan-forgiveness-application-is-live-but-will-you-owe-taxes-on-debt-relief/), some states do.

Student loan relief applications are live. But receiving forgiveness all comes down to what happens with multiple lawsuits against the program.

Over 8 million applied for forgiveness during the Still, the various lawsuits could delay the program, even for those who do apply by that date. Still, the whole program could be Department of Education pointed Fortune to the Last week, the Biden administration promised in federal court that no student loan debt would be canceled under the one-time program until Oct. But it could still be days or even weeks until anyone sees the loan cancellation reflected in their accounts.

Four states plan to tax forgiven student loans as income, while two hang in the balance.

What to Know](/personal-finance/loans/will-student-loan-debt-forgiveness-hurt-your-credit-score-what-you-need-to-know/) [Navient Student Loans Have Moved to Aidvantage. Your payments are based on the income of both you and your spouse. If you decide to file separately to lower your monthly IDR plan payment, however, you may miss out on other key tax benefits. Normally, if you have federal student loans in default (meaning you're unable to pay what you owe on them for 270 days), your tax refunds can be taken to help cover the balance owed. If you're eligible for both, the AOTC typically provides a bigger tax break (and can boost your refund). You could also claim a reduced credit if your MAGI was between $59,000 and $69,000 ($118,000 and $138,000 for those married filing jointly). If your MAGI was between $80,000 and $90,000 ($160,000 to $180,000 for those filing jointly), you might have qualified for a partial credit. If eligible, this deduction will lower your taxable income, which could reduce how much you owe the IRS or increase your tax refund. That said, you should log into your student loan portal and check form 1098-E for any eligible interest payments. Partial deductions were offered for those with MAGI between $70,000 and $85,000 ($100,000-$170,000 for those who filed jointly). Although 2023 tax thresholds have not yet been released, here are some student loan tax breaks that may [boost next year's refund](/personal-finance/taxes/no-tax-refund-yet-why-your-irs-money-might-be-late/) or lower your tax bill. Spokespeople in Virginia, Idaho, New York, West Virginia, Pennsylvania and Kentucky also [told the Associated Press](https://apnews.com/article/biden-education-minnesota-mississippi-ffe9ed18bf0a434970ab09b1d89800e2) their states would not tax borrowers on forgiven student debt.

Stock markets are all over the map due to a historic degree of volatility; a new $2 billion enclosed stadium is headed to Nashville; here's how to talk with ...

More: Here’s how to [avoid](https://www.forbes.com/sites/edwardconroy/2022/10/15/biden-administration-advice-to-avoid-student-loan-scams-while-waiting-for-debt-relief/?sh=353569334146)student debt relief scams, which have recently increased in scale. A new $2 billion [enclosed stadium](https://www.forbes.com/sites/amyfeldman/2022/10/17/tennessee-titans-reach-deal-for-new-2-plus-billion-stadium-in-nashville/?sh=7daf93e27992) is headed to Nashville, priming the city as a future Super Bowl host contender. [all over the map](https://www.forbes.com/sites/dereksaul/2022/10/17/yet-another-rollercoaster-week-for-stocks-on-deck-dow-jumps-550-points-thanks-to-optimism-across-the-pond/?sh=2429d1084ff5) due to a historic degree of ongoing volatility rarely seen at this caliber. The celebrity shares with Forbes how Houseplant’s cannabis and Housegoods businesses each generated revenue under $10 million in 2021, and why it expects to do the same this year. - Remote work, hybrid work and flexibility dominated workers’ top concerns for months, but employees are increasingly prioritizing job security as more companies announce layoffs and indicators of a potential recession mount. What’s available to you depends on the structure of your finances, especially appreciating assets and income. Scammers using a deepfake to impersonate Elon Musk and falsely netting $2 million via cryptocurrency schemes. The House Oversight Committee argued the high prices may have yielded a “taxpayer-funded windfall” for the president’s “struggling businesses,” applying toward at least $1.4 million in U.S. He plans to hold off on making Only when that disappears will it be a “career killer” for the billionaire. - The Department of Education officially launched the application for its one-time federal student debt forgiveness program that offers up to $20,000 in relief. The U.K.

Applications are surging for two of President Biden's signature student loan forgiveness initiatives. Here's what borrowers need to know.

Direct loan consolidation is a necessary step for FFELP borrowers to qualify for loan forgiveness under PSLF, including under the Limited PSLF Waiver. “If you have a joint consolidation loan, a specific process has been set up for borrowers with these loan types to be reviewed as a result of the new law,” says the Education Department. Borrowers should review the Limited PSLF Waiver’s eligibility rules and application procedures But so far, the Education Department has given no indication that an extension is happening. This week, the Education Department [reportedly begun implementing](https://www.washingtonpost.com/education/2022/10/18/automatic-student-loan-debt-relief/) the automatic student loan forgiveness process now. The Education Department is reportedly working on a solution. [online application](https://studentaid.gov/debt-relief/application) is easy to complete and straightforward, and most borrowers should be able to submit it within just a couple of minutes. Borrowers can apply until December 31, 2023, but many are rushing to complete the [new online application](https://studentaid.gov/debt-relief/application) after the Education Department successfully completed beta testing over the weekend. They will also be given an opportunity to opt out of the relief, if they choose. This is on top of the eight million borrowers who applied during last weekend’s beta launch. Only basic contact information and personal details are required, and borrowers do not need to log in or submit any supporting documentation.

(Washington, DC) – Today, Mayor Bowser announced that the Student Loan Ombudsman at the Department of Insurance, Securities and Banking (DISB) has already ...

This past year, awareness for the program and waiver expanded dramatically, resulting in 15 residents who averaged $70,000 in federal student loan forgiveness each. Yet the number of borrowers approved for forgiveness after working in the public sector for a decade was abysmally low until President Biden began fixing the program in 2021. “This Public Service Loan Forgiveness temporary waiver program has been an important lifeline for public servants,” said Mayor Bowser.

President Joe Biden speaks about the student debt relief portal beta test in the South Court Auditorium on the White House complex in Washington, Monday, ...

Borrowers will need to apply for the repayment plan if it’s approved, which could take a year or more. 1, when payments on federal student loans are scheduled to restart after a pause during the pandemic. That means that each person who has Education Department-held federal student loans and meets the income requirements qualifies for cancellation. Louis is currently weighing the states’ request for an injunction to halt the plan. “This additional relief for Pell borrowers is also an important piece of racial equity in cancellation,” said Kat Welbeck, Civil Rights Counsel for the Student Borrower Protection Center. The Education Department will use its existing records to make sure your loans are eligible and to look for applicants who might exceed the income limits. If you received Pell grants, which are reserved for undergraduates with the most significant financial need, you can have up to $20,000 forgiven. The administration has said it’s looking for “additional legally-available options to provide relief” to those borrowers, but nothing has been announced yet. At the moment those loans are not eligible (even though they were initially going to be eligible). Some Republican-led states have filed lawsuits to try to stop the cancellation, but the Biden administration says they’re confident the challenges won’t succeed. 1, when payments on loans are scheduled to restart after a pause during the pandemic. President Joe Biden’s student loan forgiveness program, announced in August, will cancel up to $20,000 in debt per borrower.

A day after the Biden administration officially launched the application for student debt relief, it is reaching out to the roughly 8 million people ...

[suing to overturn President Biden’s student loan forgiveness plan](https://www.washingtonpost.com/us-policy/2022/09/29/republicans-student-loan-forgiveness-lawsuit/?itid=lb_student-loan-forgiveness_7). [everything you need to know about the debt relief plan](https://www.washingtonpost.com/education/2022/08/24/student-loan-forgiveness-plan-explained/?itid=lb_student-loan-forgiveness_4). Here’s what to expect in [Biden’s student loan forgiveness application](https://www.washingtonpost.com/education/2022/10/11/student-loan-forgiveness-application/?itid=lb_student-loan-forgiveness_3). Use this calculator to see [how much of your student loan debt can be forgiven](https://www.washingtonpost.com/education/interactive/2022/calculator-student-loan-debt-forgiveness/?itid=lb_student-loan-forgiveness_5). [President Biden’s new plan will cancel some of the federal student debt](https://www.washingtonpost.com/education/2022/08/24/biden-student-loan-cancellation/?itid=cb_box_45L6SJE4UFHNHDYMBGC6MLMPRY_1)held by millions of Americans. The Education Department’s outreach to borrowers eligible for automatic relief comes a day after Biden officially launched the application for one of his signature economic programs. The Biden administration said it is aware of the problem and working on a solution. Eight million people had applied during the soft launch over the weekend and another 4 million filled out the form since then, the president said Tuesday. [Press Enter to skip to end of carousel](#end-react-aria-1) A federal judge denied the Indiana lawyer’s request for a preliminary injunction in that case, citing the opt-out provision. The issue gained attention last month after a conservative lawyer in Indiana Borrowers eligible for automatic relief can fill out an application if they want the cancellation processed sooner.

On October 17, President Joe Biden announced that the federal application for Americans seeking student loan forgiveness has officially opened.

The application will then be processed and updates will be sent throughout the process. To qualify, the student loan forgiveness application must be filed before December 31, 2023. CNN explained that The Department of Education is being faced with lawsuits challenging student loan forgiveness. [CNN](https://www.cnn.com/2022/10/17/politics/biden-student-loan-forgiveness-launch/index.html), in August, Biden [announced](https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/08/25/remarks-by-president-biden-announcing-student-loan-debt-relief-plan/) his initial decision to cancel up to $10,000 in student loan debt for those who make less than $125,000 a year, or as much as $20,000 for borrowers who were also Pell Grant recipients. Federal Plus Loans taken out by graduate students and parent borrowers may also be able to collect the loan forgiveness depending upon income requirements. The application only takes a few minutes to complete and requires the applicant to provide their full name, date of birth, Social Security number, email and phone number.

Scammers are "on the move," the Federal Trade Commission said Tuesday in a consumer alert. They're trying to steal applicants' money and personal information, ...

Once you apply for forgiveness, expect e-mail updates from the Education Department, the FTC said. [are eligible for debt cancellation](https://www.cnbc.com/2022/09/11/heres-who-benefits-most-from-student-loan-forgiveness.html). Pay close attention the sender address, the agency said. Follow the instructions on your email notice; if you have questions, call FSA's dedicated phone line at 1-833-932-3439. Right now, the application is online only. "Pack some patience and follow the process ... Because those are scammers." not those who say they can put you in front of the line. Apply directly at [earning less than $250,000](https://www.cnbc.com/2022/09/19/student-loan-forgiveness-and-income-caps-what-married-couples-should-know.html). Borrowers may qualify for cancellation of [up to $10,000 of federal debt](https://www.cnbc.com/2022/09/20/how-many-people-will-get-student-loan-forgiveness-in-each-state.html), a sum that doubles to $20,000 for [Pell Grant recipients](https://www.cnbc.com/2022/08/25/how-to-know-if-you-have-a-pell-grant-for-student-loan-forgiveness.html), who are from lower-income households. [officially launched the application](https://www.cnbc.com/2022/10/17/student-loan-forgiveness-application-officially-launches.html) for federal student loan forgiveness Monday — and scammers are already "on the move" to capture borrowers' money and personal information, the Federal Trade Commission warned Tuesday.