Many individuals trying to determine how to pay off student loans fast were overjoyed to hear about President Biden's partial loan forgiveness plan. The idea that they could get $10,000 or more forgiven if they met the qualifications sounded like a real lifesaver.
There's an application process you have to go through to see if you're eligible for that student loan forgiveness program. It's in what's called a "beta period" right now. We'll talk about what that means in the following article.
What's the Student Loan Forgiveness Beta Application Process?
The student loan beta application process is a period during which you can apply for partial or total student loan forgiveness if you think you meet the qualifications. You can go to the website the federal government set up. There, you'll fill out a simple application. Once it has been processed, you should receive a notification regarding whether your eligibility has been accepted or not.
The most crucial thing to know about the beta application process is that even though it's still in beta, meaning there's a modified version coming out at some point, an application you submit will still be processed. In other words, even though this program is still in beta and the federal government is working the kinks out, your application still counts, and you won't have to submit another one.
That's great news for any individuals who have already submitted an application. More than 8 million people have sent one in through the website so far, proof that this idea is wildly popular with Americans who still have student debt.
What Are the Qualifications for Student Loan Forgiveness?
You could be eligible if you're single and make less than $125,000 per year. If you're one-half of a married couple, and you and your spouse jointly make less than $250,000 per year, you could be eligible as well.
Your adjusted gross income will determine your eligibility. However, keep in mind that you only qualify for debt relief if you took out student loans from the federal government. If you took out private loans, that does not fall under the category the federal government can forgive.
How Much Debt Will Be Forgiven?
Each current or former student who meets the qualifications we mentioned can have as much as $20,000 forgiven, provided they received a Pell Grant in college. If you didn't receive a Pell Grant but still borrowed money for college from the federal government, you can qualify for up to $10,000 in forgiven debt. The total amount the U.S. government might forgive through this program could be as much as $500 billion.
What's This About the Program Being Blocked?
You may also have heard that within the past couple of days, opponents of the debt forgiveness plan have mounted a legal challenge. A federal appeals court has halted the program to investigate its legality.
No debt will be erased until this process concludes. However, most legal experts feel the program will move forward eventually.
What Does All This Mean for You?
If you have outstanding student debt and borrowed money from the federal government, looking into the student loan application process that's currently in beta is definitely worth your time. Even though the program is currently being paused until the legal issues are resolved, it seems likely the program will move forward eventually.
If you've already applied to the program through the beta application process, you can wait until you hear word regarding your acceptance, which should arrive through email after the legal issues have been resolved. If you haven't applied yet, you can do so through the website. Getting some of your debt erased, assuming it eventually happens, should improve your financial outlook.
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Original Source: Credello: This is What You Need to Know About the Student Loan Beta Application Process