In late August President Joe Biden formally announced his plan for student loan forgiveness. Ahead are some key dates to keep in mind.

To the excitement of many burdened with student loans, the official application for student loan forgiveness was opened up this Monday.

Though many may have already applied during the beta phase which was rolled out last Friday. President Joe Biden’s student loan forgiveness plan is estimated to help more than 40 million Americans who are struggling to pay off student loan debt.

With Biden’s current plan in place, $10,000 of debt will be removed from those with incomes below $125,000 a year or households below $250,000.

Those who received the Pell Grant will receive an extra $10,000 knocked off their student loan debt. Ahead are the dates you should keep in mind if you’ve applied or are interested in applying for student loan forgiveness .

October 17, 2022

This is the official date that the loan forgiveness application opened up. Once your application is submitted the DOE says that they will contact you:

  • If they need documentation of income.
  • if they can’t find any eligible loans.
  • Or if they need your parent information if you were a dependent student between July 1, 2022, and June 30, 2022.

November 15, 2022

It’s recommended that you apply by this date if you want to get your student loan forgiveness processed before the end of the current pandemic loan pause that ends on Dec. 31. Your application once submitted is expected to be processed between four to six weeks.

January 1, 2023

On this date, the student loan payment will be lifted. Any remaining balance of student loan debt began to accrue interest.

December 31, 2023

This is the last date to apply for student loan forgiveness.

Add these days to your calendar and don’t miss out on this opportunity for student loan forgiveness.