The Department of Education set the ground-level bar for federal student loan forgiveness. You don’t even need to log in or provide any documentation.
You should avoid services that charge you to apply for forgiveness since the application is easy to manage and free.
To get your $10,000 or $20,000 in federal student loan forgiveness, click here to Apply for Federal Student Loan Debt Relief.
It’s a one-page form with ten boxes to complete, one of which is to confirm your email.
Myself and others like Richard Fossey have been critical that federal student loan forgiveness doesn’t fix a damn thing that is broken with the student loan industry.
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It’s not going to reduce people going into unmanageable debt who are applying for loans now, and it won’t stop the rampant overcharging for education.
But, Do It
If the federal government wants to give you $10,000 to $20,000 in federal student loan forgiveness and it has not been blocked by lawsuits, you might as well get yours.
Turning down student loan forgiveness by not applying for it helps nobody. That is unless you want to pay $10,000 to take a position that it is a ridiculous handout.
What Is Federal Student Loan Debt Relief?
It’s a program that provides eligible borrowers with full or partial discharge of loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients.
Who Qualifies?
Individuals who made less than $125,000 in 2021 or 2020
Families that made less than $250,000 in 2021 or 2020
If you filed federal taxes, your income requirements are based on your adjusted gross income (AGI), which tends to be lower than your total income. Your AGI can be found on line 11 of the IRS Form 1040.
How It Works
Apply today (but no later than Dec. 31, 2023). We’ll determine your eligibility and will contact you if we need more information. Your loan servicer will notify you when your relief has been processed.
Where do I apply for the loan forgiveness? And will they forgive $2500 for an unsubsidized loan?
Here is the link https://studentaid.gov/debt-relief/application
Details on loan types:
The following types of federal student loans disbursed (when you received your loan funds) on or before June 30, 2022, are eligible for relief:
William D. Ford Federal Direct Loan (Direct Loan) Program loans
Federal Family Education Loan (FFEL) Program loans held by ED or in default at a guaranty agency
Federal Perkins Loan Program loans held by ED
Defaulted loans (includes ED-held or commercially serviced Subsidized Stafford, Unsubsidized Stafford, parent PLUS, graduate PLUS; and Perkins loans held by ED)
This means that subsidized loans, unsubsidized loans, parent PLUS loans, and graduate PLUS loans held by ED are eligible. Consolidation loans are also eligible for relief, as long as all of the underlying loans that were consolidated were ED-held loans and were disbursed on or before June 30, 2022.
Additionally, consolidation loans comprised of any FFEL or Perkins loans not held by ED are also eligible, as long as the borrower applied for consolidation before Sept. 29, 2022.
Thank you!