On Friday night, the US Department of Education began beta testing a student loan forgiveness application.
This application is available at StudentAid.gov. From 8:45 p.m. AND on Friday, the portal appeared to be working, displaying a short application and a button to submit it.
The portal will be open and available during beta testing, according to the Washington Post, which first reported on it. “The test period will allow the department to evaluate the site’s performance using the world, test the site before the launch of the application, the correct design process, and reveal any bugs before the start of work,” a spokesperson for the education department told CNBC that group. email. statement.
During the beta period, the site’s technical team will occasionally suspend the site for research, development and maintenance. During these holidays, the department will encourage borrowers visiting the site to return so that they can submit their applications after the holiday ends or when the official site resumes.
A preview of the app earlier this week suggested a full rollout could happen as early as next week, higher education expert Mark Kantrowitz said. Speaking before the launch, Kantrowitz said he had no specific knowledge of the Department of Education’s testing, but said “the beta is a quick start, making sure they iron out all the bugs before they release it to everyone”.
“Once [the app] goes live for everyone, it will be obsolete,” he added. “Apologetics just made [the site] go down faster.”
Borrowers can request a discount during beta
Borrowers who stumbled upon the beta test link while it was live will be able to submit their apologies before the full removal. “If you see the beta, there may be some minor issues,” Kantrowitz said. “And if you’ve submitted your apology properly, you’ve submitted it.”
“During the beta testing period, borrowers will be able to apply for the student loan assistance program of the Biden-Harris administration,” a Department of Education spokesperson said. “Borrowers will not need to re-apply if they submit their application during the beta test, but no application will be processed until the site officially launches later this month this.”
What you need to know about apologizing
President Joe Biden announced in August that many federal student loan borrowers will be eligible for debt forgiveness: up to $10,000 if they do not receive a Pell Grant, which is a type of aid available to students in -earn less money, and up to $20,000 if they do.
This subsidy is only available to people earning less than $125,000, or married couples or heads of households who earned less than $250,000, in 2020 or 2021. The White House said borrowers will be able to complete and submit short cancellation requests on a desktop or mobile phone.
Lenders won’t need their FSA ID to enter, officials said. They will not be asked to show their income in the application, although some borrowers can provide supporting documents if requested by the Department of Education.
Ask for help as soon as the pattern starts, Kantrowitz said. There are several ongoing legal challenges against the Biden administration’s amnesty plan. If your loan is canceled before a judgment comes your way, he said, “you’ll probably be able to keep your foreclosure.”
“As soon as it’s available, everyone should apply,” he said. Reporter Annie Nova contributed to this story.
