All your questions about applying for student-loan forgiveness answered

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• The student-loan forgiveness application is live on the federal student aid website.
• You only need five items to apply: your name, Social Security number, date of birth, email address, and phone number.
• The deadline to apply for up to $20,000 in student debt relief is December 31, 2023.

The Biden administration's application for student-loan forgiveness went live on October 17. 

Millions of federal borrowers are eligible for $10,000 in student loan cancellation, $20,000 if you received a Pell Grant. To apply for relief, you must meet the following income requirements:

• annual income of $125,000 or less for individuals
• annual income of $250,000 or less for married couples who file taxes jointly

What do I need to apply for student-loan forgiveness?

You only need five pieces of information:

1. Your name
2. Date of birth
3. Social Security number
4. Email address
5. Phone number

No additional paperwork is required to apply for relief, however, the Department of Education estimates that 5 million Americans will need to provide income verification documents, such as a tax transcript, 1040, or proof of non-filing.

What is the deadline to apply for student-loan forgiveness?

The deadline to apply for student-loan forgiveness is December 31, 2023.

Will I have to apply for student-loan forgiveness again if I filled out the beta application?

Borrowers who applied during the beta period do not need to resubmit. Your application will be processed, and you'll receive a confirmation email when your application is approved.

Over 8 million Americans applied for student-loan forgiveness using the beta version of the application, released on Friday, October 14. 

Are my student loans eligible for forgiveness?

The following federal student loans, disbursed on or before June 30, 2022, are eligible for up to $20,000 in relief:

• Direct loans
• Parent PLUS loans
• Direct PLUS loans given to graduate or professional students
• FFEL loans held by the Department of Education, or in default at a guaranty agency
• Federal Perkins loans held by the Department of Education
• Defaulted loans, including loans held by the Department of Education, or commercially serviced Subsidized Stafford, Unsubsidized Stafford, parent PLUS, graduate PLUS; and Perkins loans held by ED)

Generally, only federal loans held by the Department of Education are eligible for the student-loan forgiveness outlined in Biden's plan.

The easiest way to know if your loans are federal loans held by the Department of Education is to check your servicer. Here's a complete list of federal loan servicers:

• FedLoan Servicing (PHEAA)
• Great Lakes Education Loan Services, Inc.
• Edfinancial
• MOHELA
• Aidvantage
• Nelnet
• OSLA Servicing
• ESCI
• Default Resolution Group

If your loans are serviced by a company not listed above, you have private student loans that are not eligible for student-loan forgiveness.

What are the income requirements for student-loan forgiveness?

Individuals who make $125,000 or less and married couples who file their taxes jointly who make $250,000 or less are eligible for student-loan forgiveness.

Can I get my student loans forgiven if I'm still in school?

If you are currently in college, you may be eligible for student-loan forgiveness as a dependent student. Dependent students:

• are single individuals age 24 or younger
• attend an undergraduate program; master's programs do not count
• have no dependents
• still rely on their parents for financial support.

If you are a dependent student, your parents must meet the income requirements of $125,000 or less for individuals, or $250,000 or less for married couples filing jointly in order to receive up to $20,000 in student-loan forgiveness.

For dependent students enrolled as an undergraduate student between July 1, 2021 and June 30, 2022, you cannot use your own income to qualify for student-loan forgiveness.

Can I get my student loans forgiven for next semester or next year?

No. Student-loan forgiveness only applies to student loan balances you had before June 30, 2022. Any new loans disbursed after July 1, 2022 are not eligible for debt relief.

Can I still get student-loan forgiveness if I haven't filed my tax return?

Yes, however, you may be asked for additional documents to verify your income, such as a proof of non-filing. To receive a non-filing letter from the IRS, fill out Form 4506-T.

Will the amount of student-loan forgiveness I receive get taxed?

You will not have to pay federal tax for any student-loan relief, however, seven states may tax your student-loan forgiveness as income:

1. Arkansas
2. Minnesota
3. Mississippi
4. Wisconsin
5. North Carolina
6. Indiana
7. California

If you want to opt out of debt relief for tax purposes or any other reason, call your student loan servicer by phone or email to let them know that you don't want to receive one-time relief under Biden's plan.

I have Parent PLUS loans. Do I need to submit a separate application for debt relief?

Yes. Parents whose children are also applying for student-loan forgiveness must file a separate application for debt relief for their Parent PLUS loans using the same application.

I'm 24 or under and I don't file my own taxes. Am I still eligible for student-loan forgiveness?

If you're 24 or under, financially dependent on your parents, do not file your own taxes, and are enrolled in college between July 1, 2021 and June 30, 2022, you qualify as a dependent student.

Your parents' income must meet the income requirements of $125,000 a year or less for individuals, and $250,000 a year or less for married couples filing taxes jointly.