Science

Education Department launches beta site for student loan forgiveness applications

The US Department of Education began its beta testing on Friday Student Loan Relief Application Website, About 95% of Americans with student loans are expected to qualify for loan forgiveness under the Biden administration’s plan.

According to the Department of Education, the beta site will be available “on and off” until the full launch, which is expected later this month.

The department said those using the beta site will not need to reapply after the full launch. However, “there is no advantage to apply before full launch,” the department wrote on the website.

The department said the application takes about five minutes to complete.

President Biden announced in August that their administration is canceling up to $20,000 in student loan debt for millions of americans, Under the new scheme, around 20 million people will be eligible to completely cancel their debt.

In a call with reporters previewing the application earlier this week, an administration official said the overall goal is to provide a form that is “short and simple.”

Officials said people will need their Social Security number to complete the application, but they will not need to supply their Federal Student Aid ID or upload any documents.

Borrowers who receive Pell grants, which are for low- and middle-income households, can get up to $20,000 in debt forgiven, while other borrowers can get up to $10,000 in respite.

Only individuals who earned less than $125,000 in 2020 or 2021 and married couples with a total annual income of less than $250,000 are eligible for debt relief under the program.

, Amy Picchi and Jennifer Earl contributed to this report.

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