Provided by the Joe Biden and Kamala Harris presidential administration, the Federal Student Loan Debt Relief program and its application has opened to the public.
Located online at studentaid.gov, it’s set to provide up to $20,000 in debt solvency for past eligible borrowers — but with specific guidelines.
Those who qualify include individuals who made less than $125,000 in 2020 or 2021, or families filing jointly who made less than $250,000 in the same stretch. Determinations will be based on adjusted gross income, which is tabulated on line 11 of the IRS Form 1040.
Federal Pell Grant recipients could receive up to $20,000 in loan discharge, while those with Federal non-Pell Grants could receive up to $10,000.
Applicant seekers have until December 31, 2023, to submit their personal information for review. The application — which asks for a full name, a Social Security Number, a birthday and a frequently-used email address — takes less than five minutes to complete, and is both web and mobile friendly.
More specifically when applying, one must be able to answer yes to one of these questions:
— Did I make less than the required income to file federal taxes?
— Did I file as a single tax-filer AND make less than $125,000?
— Was I married, filing my taxes separately, AND making less than $125,000?
— Was I married, filing my taxes jointly, AND making less than $250,000?
— Did I file as a head of household AND make less than $250,000?
— Or did I file as a qualifying widow(er) AND make less than $250,000?
Once filed, a no-reply confirmation email will be sent — and a loan servicer will notify you when the debt relief has been processed.
By signing the form, applicants will eventually have to provide proof of income to the U.S. Department of Education by no later than March 31, 2024. Applicants also submit themselves to laws of perjury. Falsifying or misrepresenting any required information could result in fines, imprisonment, or both under the U.S. Criminal Code.
