Apply By November 15 for Student Loan Forgiveness

President Joe Biden’s student loan forgiveness plan has been stuck in legal limbo for weeks. On Oct. 20, a district court judge threw out that case, but the six states appealed the decision. A separate federal appeals court is taking up the case but has not ruled on it. In the meantime, the appeals court granted a temporary stay, which is an order that blocks any loan forgiveness for the time being.

Whatever happens with the current legal challenges to student loan debt forgiveness, you should submit your application before Nov. 15 to receive up to $20,000 of relief before payments resume next year. Borrowers technically have until the end of 2023 to file for forgiveness, but experts say applying sooner could lower your loan payments or erase your balance all together, putting you in a financially better position come January. The Biden administration is urging borrowers to apply by the Nov. 15 deadline, too.

Student loan expert Robert Farrington said the legal challenges surrounding loan forgiveness could continue for months, bringing potential stops and starts to the process. But if borrowers begin receiving debt relief, it will become much harder to reverse, he says. “The urgency is simple: the administration wants to forgive as much debt as possible as quickly as possible,” said Farrington, the founder of The College Investor, an online resource for student loans. “It’s really hard to put the cat back in the bag. Once forgiveness actually starts on loans, it would be very hard for anyone to stop it.”

Click Here To Apply

To apply, first go to the official application. Then, you’ll follow these steps:

1. Type in your name, Social Security number, date of birth, phone number, and email address, in that exact order. 

2. Review your application by typing in your name once again, and check the box at the end to certify that you qualify for forgiveness.

3. Click “submit.”