NAICU Washington Update

Biden Administration Previews Student Loan Debt Application

October 14, 2022

The Biden Administration unveiled the application borrowers will need to complete to apply for student loan debt forgiveness. This serves as the first official document that has been released to give borrowers an idea of what to expect when seeking loan forgiveness. The Administration made the application as simple as possible, asking the following questions: 
  • Name; 
  • Social Security Number;
  • Date of birth;
  • Email and phone contact information; and 
  • Whether the borrower meets certain eligibility requirements regarding household income. 
Some borrowers completing the application may be selected for income verification. If a borrower is selected, they will have until March 31, 2024, to submit any required financial information to verify their income. If they do not submit this information in the given timeframe, they will not qualify for forgiveness. 

The application is expected to be available in the coming weeks and borrowers will have until December 31, 2023, to complete it. The application will also be available in a mobile format and in Spanish.

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