Step-by-step guide on how to apply for student loan forgiveness – NBC10 Philadelphia

President Joe Biden officially kicked off the application process for his student debt forgiveness program on Monday, opening the door for millions of Americans to apply for up to $20,000 in forgiveness. The Biden administration touts it as a simple, straightforward application that should only take about five minutes. Here’s how to apply.

How to apply for student loan forgiveness

  • Go to and in the Student Debt Relief section, click “Apply Now”.
  • Be prepared to enter some basic personal information. The form asks for: name, social security number, date of birth, phone number and email address. It does not require documentation of your income or student loans.
  • Next, review the eligibility rules and confirm that you are compatible. For most people, this means certifying that they earn less than $125,000 per year or that their household earns less than $250,000 per year. If you meet the eligibility requirements, check the box confirming that everything you have provided is true.

Once the form is submitted, the Biden administration says processing should take four to six weeks. The Department of Education will use its existing records to ensure that your loans are eligible and to search for applicants who may exceed income limits. Some will be asked to provide additional documents to prove their income. The Ministry of Education estimates that the verification request will take approximately half an hour, including time to review and upload tax documents.

Most borrowers who apply before mid-November should expect to see their debt forgiven before Jan. 1, when federal student loan payments are expected to resume after a pause during the pandemic.

Things could get more complicated, depending on the results of several legal challenges. The Biden administration faces a growing number of lawsuits trying to block the program, including one filed by six Republican-led states. A federal judge in St. Louis is currently weighing the states’ request for an injunction to stop the plan. Biden said Monday he was confident the lawsuit would not upset the plan. “Our legal judgment is that it won’t,” he said, “but they’re trying to stop it.”

A Federal Reserve study shows nearly a third of black families have student loan debt. The study also shows that nearly one-fifth of Hispanic families also have student loan debt. Brookings Institution senior fellow Andre Perry joins LX News to discuss how the student debt crisis is affecting America’s racial wealth gap.

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