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People surprised by ease of student loan forgiveness application

NerdWallet Student Loan Cost
Posted at 9:28 PM, Oct 18, 2022
and last updated 2022-10-18 23:49:11-04

CORPUS CHRISTI, Texas — After President Joe Biden announced there would be student loan forgiveness weeks ago, people have been anxiously waiting to find out how that will come.

The new student loan application is now open,” said Biden.

Over the weekend, a beta version of the student loan forgiveness application went live. Without any problems, Biden said over 8 million people have already applied and the application is now available for everyone who meets the requirements.

Those with federal student loans made before July of this year and who make under $125,000, are eligible for up to $10,000 dollars of loan forgiveness.

An applicant could have up to $20,000 in forgiveness if they were a Pell Grant recipient.

Some have said how helpful this could be.

“In a big way actually because it took me a while to get back into college because of student loans,” Eutimio C. Farias V said.

Farias said help with his loans will go a long way for his future in psychology.

“For me that means, I get to finish my degree and I’m really excited for it,” he said.

What has surprised many is the ease of the application. The application could be done in under a minute.

All that’s required to complete the process is the name the loan is under, social security number, date of birth, and contact information.

No forms are needed, no unique login is needed and it’s available in English and Spanish.

“As millions of people fill out the application, we’re going to make sure the system continues to work as smoothly as possible," Biden said. "So, that we can deliver student loan relief for millions of Americans as quickly and as efficiently as possible.”

This one-time forgiveness application will be online until Dec. 31. Click here for the application.

After completing the application, you are cautioned to be aware that there are scams going on relating to student loan forgiveness.

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