Student Loan Forgiveness Gets a New Date: Today's Update and What to Know
The Department of Education is now looking at Oct. 23 as the soonest it can start canceling student loan debt
The possible new date appears in a court document for a lawsuit by six Republican-led states to stop the student loan relief program.
The Education Department also offered a preview this week of the application form for students will use to file for debt relief.
On Aug. 24, President Joe Biden announced the plan to forgive $10,000 to $20,000 in student loan debt, and the White House assured borrowers that debt cancellation would occur before federal student loan payments restart on Jan. 1, 2023
Though about 8 million borrowers will have their debt automatically forgiven, most of the estimated 40 million borrowers seeking student loan relief will need to apply for forgiveness.
The White House had initially said the application for student loan debt cancellation would be released in early October,
but has nudged back the dates for when it will start canceling debt from Oct. 17 to Oct. 23. But the imminent court decision could put the brakes on it
Find out if you're eligible for the student loan debt forgiveness plan and see what the application looks like below. For more, avoid student loan forgiveness scams by spotting these red flags, and learn which states are taxing student loan forgiveness.