On July 27, 2022 in Washington

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How to Apply for Student Loan Forgiveness 2022Whether a student will need to apply for forgiveness or if it will occur automatically depends on whether the U.S. Department of Education has the details it needs on file. Almost 8 million borrowers may be eligible for automatic relief, mainly because they’ve submitted income data to qualify for income-based repayment or similar programs.ADVERTISEMENTFor the remaining eligible borrowers, an application is being developed that will collect the needed data. It’s expected to be released in early October 2022, and borrowers can get notified of its availability by signing up on the Department of Education’s subscription page.



On July 27, 2022 in Washington D.C., activists attend a rally outside of the White House Belize WhatsApp Number to call on President Joe Biden to cancel student debt — all of it. Photo Courtesy: Anna Moneymaker/Getty ImagesOnce an application is completed, students should see relief in four to six weeks. As a result, those who apply early may see the amount deducted from their balances before the extended payment pause ends on December 31, 2022.Will Biden Forgive Student Loans Completely in the Future?At this time, it isn’t clear whether any additional student loan forgiveness is likely to occur.



Many experts assume that this round is all that the Biden administration will offer, so students and borrowers should plan accordingly.ADVERTISEMENTHowever, that doesn’t mean more student loan forgiveness isn’t possible. Congress could potentially pass its own program, for example, which President Biden might approve. But that isn’t guaranteed to even end up on the table, so keep all that in mind when making any financial decisions.How Do I Know If My Student Loans Are Forgiven? Precisely how borrowers will be notified that their loan forgiveness has been processed isn’t clear as of yet.