In a call with reporters organized by the White House, senior administration officials said that they expect it will take 'a matter of weeks' after someone applies for them to receive loan forgiveness.
October 11, 2022, 6:45 PMThe Washington Post via Getty Imagesmuch anticipated student loan forgiveness application processBut the officials did not signal when the loan cancellation applications would be available online beyond saying it would be sometime in October. That isIn a call with reporters organized by the White House, senior administration officials said that they expect it will take "a matter of weeks" after someone applies for them to receive loan forgiveness.
Under the forgiveness plan, people who made less than $125,000 in the 2020 or 2021 tax year -- or less than $250,000 as a couple -- will be eligible to cancel up to $10,000 in federal student loan debt or up to $20,000 for people with Pell grants, for low-income families.
"This is a multi-step process for preventing fraud," one administration official said, adding that "all borrowers who apply will have to attest under penalty of perjury, which is enforceable with hefty fines and jail time, that they meet the income cutoff." According to the White House, applicants who have a federal loan and are likely to "exceed" the income cutoff will be required to submit additional information to confirm that they meet the income requirement. The government will reach out to borrowers directly in the cases where they need more information.
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