The department expects to process the majority of claims by mid-November before January payments resume. Applying early gives loan servicers enough time to recalculate a borrower's monthly payment based on their new loan balances before payments resume in January 2023.Īn ED official said that borrowers should receive debt relief "in a matter of weeks" after completing the form. The loan servicer will then notify the borrower when the debt relief has been applied and if there is a new payment based on any remaining loan balance.īorrowers have until the end of 2023 to apply, but are encouraged to get their applications in by mid-November. The borrower will also receive notification when the application is approved and sent to the loan servicer. ED will contact borrowers by email if additional information is needed. To prevent fraud, all borrowers must attest to their eligibility under penalty of perjury and jail time.Īfter submitting the application, borrowers should receive a confirmation email. Borrowers won't need to upload any documents or log in with a Federal Student Aid (FSA) ID. It asks borrowers to provide their name, Social Security number, date of birth, phone number, and email. The simple online form is the same one as the preview given to the press on Tuesday. "We're accepting applications to help us refine our processes.If you submit an application, it will be processed, and you won't need to resubmit," according to the website. The Education Department (ED) opened up a beta version of its student loan forgiveness application process at /debt-relief/application, offering periodic access to some borrowers who can apply ahead of the official launch.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |