MINNEAPOLIS — If you are one of the millions of people who qualify to have your student loan debt forgiven, October is an important month for you.
The federal government says the application to get your loans forgiven will be released this month. However, they have not yet announced a date.
Here's what we know so far about how the process will work, and what you can do to prepare.
1. Check out this Department of Education website
On the Department of Education's subscriptions page, you can put in your email and subscribe for "federal student loan borrower updates."
If you do so, you'll get an email when the application process has officially opened.
2. You won't need to upload documentation
At least that's what the government said at last check. It also said the application will be "simple."
You can read more about their student loan forgiveness plan and how it will work here.
3. Apply by mid-November
Whenever the application opens up, the government says you should aim to get it in by mid-November.
That should give them enough time to process your application and forgive your loans before the current payment pause ends on Dec. 31.
4. Even if you don't apply by mid-November, you'll still have plenty of time.
If you'd prefer to apply for student loan forgiveness at the last minute, you will have plenty of time.
The application will stay open until Dec. 31, 2023. However, keep in mind that you will need to start repaying your loans in January 2023 if your application for forgiveness has not yet been processed.
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