While the public still awaits official word from the White House on how and when applications will be made available, they have a good idea of what to expect, and experts are emphasizing that borrowers of federal student loans fill out their applications as soon as they become available.
If you want to get out of paying back student loans, mark these dates out on your calendar.
The U.S. Dept. of Education said that Biden’s loan forgiveness plan applications will be available in “early October,” with a more specific date to be announced shortly. In the meantime, borrowers can sign up for updates on the Dept. of Education’s website.
According to Student Aid, federal student loan borrowers need to be prepared to submit their forgiveness applications no later than Nov. 15. Your cancellation request will be processed in about six weeks. If you apply before that date, you have a better chance of having your debt forgiven before the federal student loan moratorium ends on Dec. 31.
This is a significant date for those who have taken out student loans, as it is the day on which the federal government’s moratorium on new loan disbursements ends. Make sure you have enough money saved to resume payments in January if you still have debt after the amount forgiven.
The time to organize your paperwork is now.
Be sure you have everything you need to complete your application before you start.