How to apply for Biden’s federal student loan debt forgiveness

You may not even need to apply. Here’s a quick look at what we know.

WASHINGTON – President Joe Biden on Wednesday announced a plan to forgive up to $10,000 in federal student loan debt for millions of Americans, with double the help for Pell Grant recipients.

Details are yet to be released, but only borrowers earning less than $125,000 per year would be eligible.

MORE INFO: Who Qualifies (and Who Doesn’t) for Student Loan Forgiveness?

If you’re eligible, you might be in a hurry to apply – but it’s not possible yet.

Do I need to apply for student loan waiver?

The Biden administration says nearly 8 million people may be eligible for automatic debt forgiveness “because relevant income data is already available to the US Department of Education.”

When can I apply for student loan waiver?

If the Department of Education doesn’t have your details, or you’re not sure, the administration says it will “launch a simple application in the coming weeks”. It promised the application will run until Dec. 31, when the year-long hiatus in federal student loan repayments ends.

RELATED: Biden announces plan for student loan forgiveness, extending ‘final’ payment pause

You can also be notified when the application starts. To subscribe, go to the Department of Education’s subscriptions page, enter your email address, and check the box for Federal Student Loan Borrower Updates. You must agree to the department’s privacy policy and click Next.

RELATED: Biden to cut $20,000 in student debt from Pell Grant recipients. Here’s who qualifies.

So when will eligible borrowers be relieved?

It’s not clear yet, especially as legal challenges are likely. The Justice Department says the Higher Education Student Easement Act allows the Secretary of Education to “reduce or eliminate the obligation to repay the principal amount of federal student loan debt” in response to the COVID-19 pandemic.

Some conservative groups are still considering legal challenges, and it’s unknown how that might affect the schedule. How to apply for Biden’s federal student loan debt forgiveness

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