Here's what to know if you applied for student loan forgiveness during the application beta period.
The Education Department also says that after a borrower applies for forgiveness, they will get the reliefApplying now means that when student loan payments restart in January, after the pandemic-era pause on the bills expire, you won't have to make payments if your debt is fully erased or larger payments than necessary if you're left with a smaller balance.In addition to your full name and date of birth, you'll also have to provide your Social Security number.
The department will verify a certain number of borrowers have told the truth about their eligibility as a fraud prevention measure, although more than 90% of federal student loan borrowers fall bellow the income caps for the relief: $125,000 for individuals and $250,000 for families.The application for forgiveness doesn't ask whether you received a Pell Grant or not. There's no reason to worry, though, Kantrowitz said. The Education Department has that information already.
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