The U.S. Department of Education shared a preview of what the student debt relief application form will look like when it goes live this month.
Borrowers will be notified when the application becomes available. A preview of the application shared on Twitter shows the kind of information you’ll have to provide.
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That information includes name and social security number. Borrowers will be required to agree to provide proof of income if asked for it.
More: Here’s how to sign up for federal student loan forgiveness updates before application goes live
View the preview video from the department below or click here:
Student Debt Relief Update:
— The White House (@WhiteHouse) October 11, 2022
Today, the U.S. Department of Education is previewing the student debt relief application form. Here’s the latest: pic.twitter.com/efSzRbions
More than 40 million Americans could see their student loan debt reduced under the forgiveness plan President Joe Biden announced in August.
In many cases, Americans could see their student loan debt completely eliminated. Biden is erasing $10,000 in federal student loan debt for people with incomes below $125,000 a year, or households that earn less than $250,000. He is canceling another $10,000 for people who received federal Pell Grants to attend college.
Read: Department of Education quietly changes guidance around who qualifies for student debt relief
Biden also extended the pause on federal student loan payments for the “final” time. The pause will run through the end of the year and repayments are expected to resume in January.
Some, but not all, borrowers will have to apply for forgiveness. According to the White House, nearly 8 million borrowers may be eligible to receive the relief automatically because their relevant income data is already available to the department.