Click here to access Biden's application for student loan forgiveness

The Department of Education has opened online applications for Biden's new student loan forgiveness plan. It can provide loan forgiveness of up to $20,000 for student loans.

Applications are available on StudentAid.gov website. The borrower does not need to use FSA ID to log into StudentAid.gov website. Simply complete an online form, sign electronically and submit.

Also, to qualify from Biden's plan, under penalty of perjury,  income in 2020 or 2021 must be less than $125,000 (or less than $250,000 if married).

The Department will track millions of borrowers over the next year to verify income information. If you receive such a request, you should be prepared to provide a copy of your tax return.

Although the application is legitimate, student loan forgiveness applications are not processed immediately. According to court filings filed by the government earlier this month,

the application will not be processed and approved until October 23 at the earliest. Department announced that it would be processed within four to six weeks after the application was submitted.

Applications must be submitted by December 31, 2023. The Department of Education has not provided a firm timeline for the availability of the wider application, but it should happen later this month.