Student debt forgiveness in the USA: form and how to apply step by step

Biden’s student forgiveness would cost US $ 400,000 million 1:02 (CNN Spanish) — The form to apply for student loan forgiveness in the United States is already online and is very easy to complete. Here, what you should know. The plan launched by the administration of President Joe Biden allows for the forgiveness of US$10,000 or US$20,000 of student loans – the figure depends on the case – for people who earned less than US$125,000 in 2020 or 2021 and families who earned less of US$ 250,000 in those same years. To access the form, which is officially available from Monday, October 17, you must go to https://studentaid.gov/debt-relief/application through a computer or mobile device. The form is available in English and Spanish and is accessible to people with disabilities. It will be open until December 2023, according to the authorities. Its objective is that the debt relief process can be effectively underway before next January, which is when student debt payments will resume after a pause since 2020 due to the covid-19 pandemic. What information must you provide? The form asks you: In addition to providing the information, you must agree to a number of terms, including verifying that you are the one applying and that, if requested by the Department of Education, you will provide proof of your income. You must also certify that the information you provide is correct under penalty of perjury. Regarding your income, the form asks you to verify that for the years 2020 or 2021 one of these statements is correct: You earned less than the income required to file a federal tax return. You filed a tax return as a single person and earned less than $125,000. You were married, filed a separate tax return, and earned less than $125,000. You were married, filed a joint tax return, and the gain was less than $250,000. You filed a tax return as head of household and earned less than $250,000. You filed a qualifying widow(er) tax return and earned less than $250,000. (Remember that income requirements are based on adjusted gross income, which is usually lower than total income and is what is on line 11 of the Internal Revenue Service 1040 form.) What does the student loan forgiveness form NOT ask of you? To submit the application you will not have to upload any documents. Nor does it ask you to log in with your Federal Student Aid username. The form advises you that the Department of Education will determine eligibility and will contact applicants if more information is needed. What if you applied during the beta period? Before officially launching the web sirio, the administration tested it in a beta period that began on October 14 and allowed students to sign up. If you applied in that period, you should have received a confirmation email, although the application was not processed until the official launch of the site. You don’t have to reapply. With information from Angela Reyes