(NEXSTAR) — The day has finally come — well, almost.
After weeks of waiting, the White House appears to be gearing up to forgive the federal student loan debt of millions of Americans after alerting borrowers Thursday about what to expect through the process.
First, it’s important to know whether or not you qualify for this one-time loan forgiveness. This will depend on the type of loans you have, whether you received a Pell Grant, and your income in 2020 or 2021. If you meet the qualifications, you’ll receive up to $10,000 in forgiveness, or $20,000 if you ever received a Pell Grant.
Since President Joe Biden announced the widespread forgiveness plan in August, the White House and the Department of Education have said the process would begin “in early October.” Borrowers were encouraged to sign up for an email notification that would alert them about the forgiveness process.
The first email to those borrowers who signed up for notifications was sent Thursday, two days before October begins.
The email doesn’t give a firm date on when the application will open, but it does outline what the application process will entail.
Sometime in the coming days, the Education Department says it will launch a “short and simple” application. You won’t need to provide any supporting documents or use your Federal Student Aid ID to submit the application,…
