The Student Loan Debt Cancellation Form Just Launched. Here’s What You Need to Know.

Student loan borrowers are one step closer to feeling some relief from the burden of student loan debt.

As you may know, a few months ago, the Biden Administration announced a Student Loan Cancellation program called The Biden-Harris Administration’s Student Debt Relief Plan.

Under the plan, up to $20,000 in student debt will be cancelled for Americans making under $125,000 a year.

In addition, President Biden extended the moratorium on student debt payments through the end of the year.

Since that time, we haven’t actually seen what the student loan cancellation form would look like although we have been promised it would be available sometime in October 2022.

With that being said, we finally have gotten some additional information including a release of the application to select borrowers.

What The Form for Student Loan Forgiveness Will Look Like

Earlier today, the Biden-Harris administration sent emails to those that signed up for email updates. The email read:

You signed up to be among the first to know when the Biden-Harris student debt relief application is available.

We want to invite you to be among the first to apply for student debt relief, by being a tester of the online application NOW before we officially launch.

It then continues:

Soon, we’ll be opening the online application with our official launch. But we would like you to help us test the site by applying now during our beta test. If you submit an application during this period, it will be processed when the site officially launches. You won’t need to resubmit. If you have already applied and received a confirmation email, you do not need to apply again.

So, not everyone can apply right now but in the coming weeks, the form will open to everyone.

If you did get the email and the link doesn’t work, it does say to try again later. Seems like their website is getting hit hard with requests right now.

Also, in the URL, remove the . after the word application and hit enter. It should loan the form.

So, check your emails to see if you received one from the U.S. Department of Education.

Once you apply, you will receive a confirmation email.

What You Need to Know About The Student Loan Cancellation Form

For starters, if you are eligible for student loan forgiveness, this form will be a requirement and need to be completed in order to receive forgiveness.

The form will be available in both English and in Spanish later this month.

Luckily, according to the example we’ve been given, it seems like a very simple and straightforward form.

It asks several basic questions like your name, social security number, birth date, phone number, and email.

At the bottom it will then require you to certify under penalty of perjury that you qualify for the student loan forgiveness by meeting the criteria shown on the image above.

So, keep your eye open for this application and we will let you know once it’s live.

You can see the full example of the form and additional information here.